Richmond seeks public comment on proposed 5 Year Consolidated Financial Plan to year 2020
10 February 2016
The City of Richmond is seeking public feedback on its proposed 5 Year Consolidated Financial Plan (2016-2020) Bylaw 9521. The comment period begins today, following the February 9 Council meeting, and ends at 5 p.m. on Friday, February 26, 2016.
The proposed 5 Year Consolidated Financial Plan (2016-2020) is based on the City’s current year budgets along with estimates developed from economic forecasts and other expected impacts on revenues and spending.
Each year, the City of Richmond adopts three budgets to guide civic spending. The Operating Budget funds the provision of general City services and determines annual property tax rates. The Capital Budget funds investment in new or replacement infrastructure and equipment. And the Utility Budget supports provision of water, sewer, drainage, garbage and recycling services.
Once the City has adopted each of its annual three budgets, it develops a 5 Year Consolidated Financial Plan. This plan provides a financial road map for the City to manage its resources, revenues and spending to best serve the community. It also establishes that the City has the ability to meet the needs of the community and maintain civic service levels for the coming five years, while meeting its legal requirement to deliver balanced annual operating budgets.
The City is required, under the Community Charter that governs BC’s local government, to undertake a process of public consultation before the bylaw is adopted by City Council.
The proposed 5 Year Consolidated Financial Plan (2016-2020) Bylaw 9521, along with the 2016 Operating, Capital and Utility budgets, is available at www.LetsTalkRichmond.ca, or on the City’s website at: www.richmond.ca/cityhall/finance/reporting/fiveyear.
In addition to posting your comments on www.LetsTalkRichmond.ca before 5p.m. on Friday, February 26, 2016, members of the public can comment by email to email@example.com or by phone to the Finance Department at 604-276-4218. Written submissions may also be addressed to the Finance Department, City of Richmond, 6911 No. 3 Road, Richmond, BC, V6Y 2C1.
The proposed 5 Year Consolidated Financial Plan (2016-2020) Bylaw 9521 is expected to be on the March 14, 2016 regular Council meeting agenda for consideration of final reading and adoption. Public delegations at the Council Meeting are permitted with regard to this bylaw.