5 Year Financial Plan

What is a 5 Year Financial Plan?

The Community Charter requires that Council adopt a 5 Year Financial Plan each year prior to the adoption of the annual Property Tax Bylaw. The purpose of the 5 Year Financial Plan is to provide a budgetary framework for the City to plan the management of its resources, revenues and expenditures in order to best serve the community. The following video provides an introduction to the City's budget process.

The Consolidated 5 Year Financial Plan combines the 2023 Utilities Budget (approved by Council on Nov 14, 2022), the 2023 Operating Budget, 2023 Capital Budget and the 2023 One-Time Expenditures (all of which were approved by Council on Dec 12, 2022). The 2023 Richmond Public Library Budget was approved by Council on Dec 12, 2022.

2023 Proposed Capital Budget
2023 Proposed Operating Budget
2023 Utility Budgets and Rates
2023 One-Time Expenditures
2023 Richmond Public Library Budget

The following document provides an overview of the Consolidated 5 Year Financial Plan (2023-2027):

Highlights of the Consolidated 5 Year Financial Plan (2023-2027)

Consolidated 5 Year Financial Plan (2023-2027) Bylaw No. 10429 Amendment Bylaw No. 10492

The Community Charter requires that Council adopt a 5 Year Financial Plan each year prior to the adoption of the Annual Property Tax Rates Bylaw. The Community Charter also allows for amendments to the 5 Year Financial Plan. 

Subsequent to the adoption of the City’s Consolidated 5 Year Financial Plan (2023-2027) Bylaw No. 10429 on Jan 30, 2023, additional opportunities and projects have emerged. 

Amendments to the Consolidated 5YFP (2023-2027) Bylaw No. 10429 - Report to Committee

Council has officially adopted Amendment Bylaw No. 10492 at the Regular Council Meeting on Mon, Oct 23, 2023 at the Richmond City Hall Council Chambers. Public delegations at the Council Meeting were also permitted with regard to this bylaw.

Consolidated 5 Year Financial Plan (2023-2027) Bylaw No. 10429, Amendment Bylaw No. 10492