City of Richmond 5 Year Consolidated Financial Plan ( )

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1 5 Year Consolidated Financial ( ) Minoru Complex, opening 2017 Purpose The purpose of the 5 Year Consolidated Financial is to ensure the City has the capacity to meet the financial challenges of today and in the future, while maintaining appropriate levels of service. The 5 Year Consolidated Financial combines the 2016 Operating Budget, the 2016 Capital Budget and the 2016 Utility Budget. It also consolidates the approved budgets for the Richmond Public Library, Richmond Olympic Oval and Lulu Island Energy Company. The next four years of the 5 Year Financial are estimates based on the economic forecasts for BC and internal plans. Each year, the rolling plan is reviewed and updated. It provides a 5 year summary of revenue and expenditures and projected tax increases. Section 165(1) of the Community Charter requires the City to adopt a 5 Year Financial Bylaw.

2 5 Year Consolidated Financial ( ) Operating Budget Richmond City Council has approved a 3.11% property tax increase for The overall tax increase can be broken down into the following components: 1.53% increase to maintain the same level of service from the prior year, due to year over year increases in labour contractual agreements, policing costs and other non-discretionary expenses, after estimated new tax growth. 0.00% increase to fund 12 additional police officers no tax impact as this is funded through a corporate reset. 0.11% increase to fund additional services including sustainable Media Lab staffing. 0.47% increase for the operating budget impacts associated with new capital spending, including the new aquatic and older adult centres and the new City Centre Community Centre. The City Centre Community Centre opened in September 2015 and the Minoru Complex is scheduled to open in Phasing in funding allows the impact to be spread over a number of years, rather than all at once. 1.00% increase to transfer to reserves for community infrastructure replacement Operating Budget 2016 $000s Impact Same Level of Service Increase Before Growth $4, % Mandatory Senior Government Related Increases % Estimated New Tax Growth (2,276) (1.20%) Same Level of Service Increase After Growth 2, % Additional Expenditures 12 Police Officers 1, % Corporate Reset (1,827) (0.96%) Additional Expenditures % OBI (Including Phase In) % Additional Transfer to Reserves 1, % Approved Property Tax Impact 5, % The proposed increases for are based on current projections; inclusion in the 5 Year Consolidated Financial does not represent final approval. Year Tax Increase Transfer to Reserves Total Increase 2016 Approved Increase 2.11% 1.00% 3.11% 2017 Proposed Increase 1.97% 1.00% 2.97% 2018 Proposed Increase 1.96% 1.00% 2.96% 2019 Proposed Increase 1.97% 1.00% 2.97% 2020 Proposed Increase 1.96% 1.00% 2.96%

3 5 Year Consolidated Financial ( ) 2016 Tax Dollar Breakdown The breakdown of a municipal dollar includes Operating Budget Impacts of Capital Projects and additional levels of service approved by Council. It also includes the corporate reset to fund 12 additional officers in 2016 with no tax impact.

4 5 Year Consolidated Financial ( ) Consolidated Financial (in $000s) REVENUE 2016 Budget* Property Taxes $197,965 $206,823 $215,531 $223,666 $232,083 User Fees 98, , , , ,129 Sales of Services 33,692 34,260 34,854 35,656 36,255 Gaming Revenue 18,088 18,400 18,400 18,400 18,400 Investment Income 14,694 14,694 14,694 14,694 14,694 Payments in Lieu of Taxes 13,473 13,473 13,473 13,473 13,473 Other Revenue 9,799 9,803 9,906 10,029 10,159 Licences and Permits 9,184 9,363 9,546 9,741 9,941 Grant Revenue 7,376 7,494 7,613 7,727 7,820 Developer Contributed Assets 55,000 55,000 55,000 55,000 55,000 Development Cost Charges 26,875 17,668 12,781 9,437 9,327 Other Capital Funding Sources 14,115 21,805 10,500 10,440 10,040 Total Revenue $499,034 $511,736 $509,659 $519,034 $532,321 EXPENSES Law and Community Safety $93,358 $94,855 $97,383 $99,956 $102,603 Engineering and Public Works 65,629 64,382 66,067 66,707 67,654 Community Services 59,020 58,343 59,941 61,282 62,540 Finance and Corporate Services 24,321 23,360 23,884 24,441 25,013 Fiscal 19,011 17,730 18,153 16,063 15,950 Debt Interest 1,677 1,677 1,677 1,677 1,677 Corporate Administration 8,655 8,452 8,641 8,843 9,041 ning and Development Services 14,324 14,502 14,847 15,232 15,627 Utility Budget Water Utility 40,469 42,606 44,576 46,168 47,831 Sanitary Sewer Utility 29,746 30,958 32,834 34,405 36,072 Sanitation and Recycling 14,944 15,248 15,557 15,888 16,226 Richmond Public Library 9,754 9,946 10,141 10,349 10,562 Richmond Olympic Oval Corporation 14,890 15,288 15,719 16,131 16,594 Lulu Island Energy Company 1,590 1,524 2,451 2,211 2,647 Total Expenses $397,388 $398,871 $411,871 $419,353 $430,047 ANNUAL SURPLUS 101, ,865 97,788 99, ,

5 5 Year Consolidated Financial ( ) TRANSFERS 2016 Budget* Debt Principal $4,402 $4,402 $4,402 $4,402 $4,402 Transfer to Reserves 62,222 64,421 66,707 69,092 71,561 Transfer to (from) Surplus (3,076) 8,971 10,089 10,591 11,126 Capital Expenditures Current Year 114, , ,740 85,259 60,065 Capital Expenditures Prior Years 272, , , , ,488 Capital Expenditures Developer Constributed Assets 55,000 55,000 55,000 55,000 55,000 Captial Funding (403,510) (359,500) (318,210) (285,584) (253,368) Total Transfers $101,646 $112,865 $97,788 $99,681 $102,274 BALANCED BUDGET $- $- $- $- $- TAX INCREASE 3.11% 2.97% 2.96% 2.97% 2.96% * 2016 Budget includes approved one-time expenditures and carryforwards funded by rate stabilization accounts. The projections for 2017 through 2020 are base budgets to deliver the same level of service and do not include estimates of carryforwards or one-time expenditures that may be approved in future years

6 5 Year Consolidated Financial ( ) City of Richmond Tax Rate Trends The 5 Year Consolidated Financial is developed using the principles in the City s Long Term Financial Management Strategy. Under the strategy the City s goal is to maintain property tax increases at or below the annual increase in the cost of living for the Vancouver region plus allowing for an additional 1% property tax increase annually to fund the City s Major Capital Community Facility Replacement Program. It provides for services to be maintained at appropriate levels, while allowing for cost increases related to inflation, contractual obligations and other expenses. At the same time, it provides economic security and certainty for taxpayers by stabilizing year to year tax rate adjustments. In 2015, Richmond had the second lowest average residential taxes among the five largest municipalities in Metro Vancouver Average Residential Municipal Taxes in Comparative Metro Vancouver Cities

7 5 Year Consolidated Financial ( ) Overview of Major Program Areas in 2016 Capital Budget Capital funds are directed towards infrastructure and asset management programs ranked based on the highest priority projects to respond to Council direction and provide services to the citizens of Richmond. The 2016 Capital Budget of $114.5M includes significant investment in infrastructure renewal to maintain community viability. The following is an overview of the major program areas funded through the 2016 Capital Budget. Infrastructure $43.8M The City s Infrastructure Program funds assets that include: dikes, roads, drainage and sanitary pump stations, drainage, water, and sanitary mains. The 2016 program includes No. 2 Road Widening from Steveston Highway to Dyke Road ($7.3M), No. 7 Road South Drainage Pump Station Upgrade ($4.5M), Spires Area Water, Sanitary and Drainage Upgrade ($4.5M), City Centre Watermain Replacement ($4.0M), residential water metering, and pavement upgrades. Land $21.2M The 2016 land acquisition program relates to the acquisition of real property for the City. Funds for land acquisition to meet the Council Approved Strategic Real Estate Investment, other than DCC and other special reserve funded projects, are set aside in the Capital Reserve under the Industrial Use Fund. Council approval is required for each acquisition; funding is in place to act on opportunities as they arise. Parks $15.1M Richmond is renowned for its high quality parks and recreation facilities, with over 120 parks totaling approximately 1,700 acres. In addition to the City s parks, Richmond also has 50 kilometers of recreational trails. The 2016 program includes strategic Parkland Acquisition ($8.0M) to satisfy the OCP objective of maintaining the parks provision standard of 7.66 acres/1000 population, Garden City Lands Phase 2 ($3.1M), Cambie Avanti Park ($1.2M), West Cambie Park ($0.7M) and Richmond High Artificial Turf Field Replacement ($0.6M). Equipment $8.1M The 2016 equipment program includes continued implementation of the digital strategy including Peoplesoft HR and Payroll System Upgrade & Workforce Management, Customer Response Management System (CRM) and Business Process Management Suite (BPMS). It also includes fleet and equipment purchases, as well as fire vehicle replacement purchases. Building $2.5M The building program funds major building construction and renovation projects as well as minor facility upgrades. The 2016 building program activities is scaled down as the City is still in the midst of the $124.1M Phase 1 of the Major Facilities Replacement approved by Council in 2014 to build a new Minoru Complex, No. 1 Brighouse Fire Hall and the recently-opened City Centre Community Centre. The City is in the process of planning for Phase 2 of the Major Facilities Replacement. Significant investment is expected and the Capital will be amended once finalized.

8 5 Year Consolidated Financial ( ) Capital Budget The Capital Budget funds investments in new infrastructure or equipment, which includes roads, water and sewer works, dikes and drainage networks, buildings, vehicles, equipment, parks, trails and other physical property. The 2016 Capital Budget is $114.5 million. In addition to new projects funded in this year s budget, the City is also completing a number of major projects funded through previous capital plans. Captial Prgram (in $000s) Infrastructure Program $43,751 $50,739 $41,976 $33,624 $27,229 Building Program $2,475 $4,666 $5,373 $1,162 $770 Parks Program $15,140 $11,000 $7,875 $13,350 $6,300 Public Art Program $1,120 $600 $378 $100 $100 Land Program $21,200 $42,300 $30,000 $20,000 $10,000 Affordable Housing Project $930 $625 $625 $625 $625 Equipment Program $8,122 $5,486 $5,316 $4,201 $3,271 Child Care Program $60 $50 $50 $50 $50 Internal Transfers/Debt Payment $11,740 $2,147 $2,147 $2,147 $1,720 Contingent External Contributions $10,000 $10,000 $10,000 $10,000 $10,000 Total Capital Program $114,538 $127,615 $103,740 $85,259 $60,065

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