Financial Planning

Five 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 November 14, 2022), the 2023 Operating Budget, 2023 Capital Budget and the 2023 One-Time Expenditures (all of which were approved by Council on December 12, 2022). The 2023 Richmond Public Library Budget was approved by Council on December 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

Council has officially adopted Bylaw No. 10429 at the Regular Council Meeting on Monday, January 30, 2023 at the Richmond City Hall Council Chambers. Public delegations at the Council Meeting were also permitted with regard to this bylaw.

The City's Consolidated 5 Year Financial Plan (2023-2027) Bylaw No. 10429 is available in the link below:

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

Annual Report

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Annual Reports provide comprehensive financial statements, operations overviews and major achievement highlights of the year through our significant projects, administrative and fiscal planning, business processes, innovation and customer service.

2021 Annual Report

2021 Annual Report
Highlights

SUMMARY REPORT
23 pages

Read the report

2021 Annual Report

FULL REPORT
71 pages

Read the report

Previous Annual Reports

2020 Annual Report Highlights
2020 Annual Report
2019 Annual Report Highlights
2019 Annual Report
2018 Annual Report Highlights
2018 Annual Report

Quarterly Reports

Throughout the year, City staff prepare quarterly Financial Information Reports for the Finance Committee of Richmond City Council. These ongoing, unaudited statements provide Council and the public with details on the economic environment, key indicators and financial results for the reporting period as related to the City’s operating and capital budgets. This reporting supports the City’s commitment to transparency and accountability in its financial reporting and helps fulfill Council’s Term Goal of "An Engaged and Informed Community".