Public asked to comment on Richmond’s proposed Consolidated 5 Year Financial Plan
02 January 2020
The City of Richmond is inviting residents to provide feedback on its proposed Consolidated 5 Year Financial Plan (2020-2024) Bylaw No. 10119 which aims to meet the service and infrastructure needs of the community for the next five years.
From Thursday, January 2 until Sunday, January 19, the public is encouraged to submit comments online at LetsTalkRichmond.ca, via email or deliver them to City Hall.
Each year, the City of Richmond approves three budgets to guide civic spending:
- The Operating Budget which funds the provision of general City services and determines annual property tax rates. The Operating Budget also includes one-time expenditures approved by Council;
- The Capital Budget which covers investments in new infrastructure and equipment; and
- The Utility Budget which supports the provision of water, sewer, diking, drainage, garbage and recycling services.
Once Council has approved each of the three budgets, a proposed Consolidated 5 Year Financial Plan is prepared. The plan is based on the City’s current year budgets along with estimates developed from economic forecasts and other expected impacts on revenues and spending for the following four years.
This plan provides a financial road map for the City to manage its resources, revenues and spending to best serve the community. It also ensures the City meets its legal requirement to deliver a balanced budget.
The proposed Consolidated 5 Year Financial Plan (2020-2024) Bylaw No. 10119, along with the 2020 Operating, Capital and Utility budgets, is now available for review at LetsTalkRichmond.ca or on the City’s website at richmond.ca/5YFP.
Comments are due on or before 11:59 p.m. on Sunday, January 19 via LetsTalkRichmond.ca or by email to firstname.lastname@example.org. Written submissions can also be sent to the Finance Department, City of Richmond, 6911 No. 3 Road, Richmond, BC, V6Y 2C1.
The proposed Consolidated 5 Year Financial Plan (2020-2024) Bylaw No 10119 is expected to be included on the Monday, January 27 Open Council Meeting agenda for consideration of final reading and adoption. Public delegations regarding this bylaw are permitted at that Council Meeting.