Richmond
2023 Annual Development Cost Charges Report
Finance Committee Minutes
Date: 2024-04-02
developmentfinance
The City of Richmond has released its 2023 Annual Development Cost Charges (DCC) Report, providing an overview of the city's DCC program and financial activities from the previous year.
Key Highlights:- The report covers DCC amounts received, reserve fund expenditures and balances, as well as any waivers or reductions.
- The city completed a major DCC update and public engagement process in 2022, with new DCC rates approved by Council in 2023 under Bylaw No. 10436.
- The 2023 Annual DCC Report will be available on the city's website before June 30, 2024.
- Description and Principles: The report outlines the DCC program's description and guiding principles.
- 2023 DCC Reserve Fund Balances: The report includes details on the DCC reserve fund balances for 2023.
- 2023 DCC Credits: The report provides information on DCC credits issued in 2023.
- 2023 and 2024 DCC Programs: The report outlines the DCC programs for 2023 and 2024.
- Waivers and Reductions: The report includes details on any DCC waivers or reductions granted in 2023.
- Municipal Assist Factor: The report discusses the municipal assist factor, which is a percentage of the total DCC program costs that the city covers.
The 2023 Annual DCC Report is part of the city's efforts to ensure responsible financial management and governance, as outlined in its Strategic Plan 2022-2026.