RICHMOND

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.

• 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.

The City of Richmond's Finance Department has released its 2023 Annual Procurement Report, providing insights into the city's procurement activities and metrics for the previous year.

• The total value of contracts awarded over $75,000 was $61,445,633, with an additional $5,073,247 in contracts under $75,000.
• The city issued a total of 113 contracts over $75,000 and $73,275,240 in total Purchase Orders.
• The city's Purchasing Card Expenditures amounted to $7,000,304, with a rebate of approximately $58,000.

• Approximately $61 million in contracts over $75,000 were awarded through various procurement methodologies, including architectural, consulting, and construction contracts.
• Of the $61,445,633 in contracts over $75,000, $9,069,974.40 were sole or single source, primarily due to compatibility with existing city infrastructure and systems.
• Optional heading: Circular Procurement The city's Purchasing Department promotes circular procurement opportunities by including circular economy criteria in bid specifications and the decision-making process.

• The city's Purchasing Card Program enabled 19,563 transactions totaling $7,000,304.12 in 2023.

• Investment Report: City of Richmond's cash and investment balance was approximately $1.69 billion as of December 31, 2023, with breakdown by issuer category.
• Investment Performance: Overall weighted average investment yields for 2023 was 4.5%, with short-term funds earning an effective average annual yield of 5.6%.
• Investment Policy: City's investment activities were conducted in accordance with Policy 3703, which requires compliance with statutory requirements of Community Charter.

The City of Richmond has provided a financial update on its active capital projects as of September 30, 2023. The report highlights the city's progress on various infrastructure, building, parks, land, and vehicle and equipment programs.

• The approved budget for all active capital projects, excluding contingent external contribution projects, was $847.7 million, of which $377.7 million or 44.6% was spent as of September 30, 2023.
• The report provides a breakdown of the capital expenditures across different programs, including roads, flood protection, water, sanitary sewer, buildings, parks, land, and vehicle and equipment.

• Infrastructure Program:
  • Roads: $11.5 million spent, including $6.7 million on the Annual Asphalt Re-paving program.
  • Flood Protection: $8.7 million spent, including $2.5 million on Burkeville Utility Improvement projects.
  • Water: $4.9 million spent, including $3.1 million on Watermain Replacement Upgrades.
  • Sanitary Sewer: $2.8 million spent.
• Building Program: $15.4 million spent, including $4.7 million on Richmond Ice Centre Renewals.
• Parks Program: $6.3 million spent, including $2.0 million on Minoru Lakes Renewal projects.
• Land Program: $12.5 million spent on potential land acquisition.
• Vehicle and Equipment Program: $2.5 million spent, including $2.0 million on Vehicle and Equipment Reserve Purchases.

The City of Richmond is proposing a Consolidated 5 Year Financial Plan (2024-2028) Bylaw No. 10515 to consolidate the Utility, Operating, Capital, and One-Time Expenditure budgets. The plan includes the preliminary draft budget for the Richmond Olympic Oval Corporation but excludes the Lulu Island Energy Company budget.

• The 5 Year Financial Plan Bylaw provides the City authority to proceed with spending to the limits outlined.
• The City must undertake public consultation prior to adoption of the 5 Year Financial Plan under section 166 of the Community Charter.
• The public consultation period will run until January 21, 2024, and staff will report the results to Council.
• The Consolidated 5 Year Financial Plan includes estimates for 2025-2028 based on current information, which will be revised annually.

• November 14, 2023: 2024 Utility Budgets and Rates approved as presented
• December 11, 2023: 2024 Operating and Capital Budgets for Richmond Public Library approved as presented
• December 11, 2023: 2024 Proposed Operating Budget approved as presented
• December 11, 2023: 2024 One-Time Expenditures approved as presented
• December 11, 2023: 2024 Proposed Capital Budget approved as amended by Council

The City Council has approved the 2024 Proposed Operating Budget, which includes a 5.62% tax increase. The budget covers various components, such as a same-level-of-service increase, emerging organizational needs, investment in community facilities, and senior-level government funding.

• A 3.10% tax increase for a same-level-of-service budget increase of $8,900,427 after tax growth
• A 0.52% tax increase for emerging organizational additional levels of $1,501,828
• A 1.00% tax increase for a $2,870,523 transfer to reserves for Investment in Community Facilities
• A 1.22% tax increase for a $3,491,599 increase in senior-level government and other government agency funding
• Use of $1,581,197 in reserves for Affordable Housing, Child Care, and Public Art programs

• Operating Budget Impacts: $971,855 with a 0.34% tax increase
• Use of the Rate Stabilization Account to reduce the overall impact by $1,612,500, resulting in a 0.56% tax decrease
• The approved 2024 Operating Budget will be included in the Consolidated 5 Year Financial Plan (2024-2028)

The City Council approved a $209 million capital budget for 2024, including a $520,000 upgrade to the Brighouse Park baseball diamond infield funded from the Council Community Initiatives Account. The Council also discussed potential improvements to the rugby change room facilities at King George Park, ultimately referring the matter to staff for further investigation.

• 2024 Capital Budget: Approved at $209,084,335, including $520,000 for the Brighouse Park Baseball Diamond Infield Upgrade
• Brighouse Park Baseball Diamond: Upgrade to include artificial turf infield that will connect with adjacent natural turf field, funded from Council Community Initiatives Account
• King George Park Rugby Change Rooms: Potential for a fully upgraded East Richmond change room facility, referred to staff for further investigation

• Brighouse Park Baseball Diamond: Upgrade to be incorporated into the Parks Services schedule
• King George Park Rugby Change Rooms: Staff to investigate budget, current facility status, and use by various sport user groups, and report back