City of Richmond, BC - City Council - December 11, 2023 - Minutes

13 . 2024 PROPOSED OPERATING BUDGET (File Ref. No. 03-0970-25-2024-01) (REDMS No. 7374856, 7490668) ( 1 ) The 2024 Proposed Operating Budget as presented in Budget Option 2 for a total of 5.62% be approved as outlined below: ( a ) A same level of service budget increase of $8,900,427 after tax growth with a tax increase of 3.10% be approved; and ( b ) Emerging organizational additional levels in the amount of $1,501,828 as presented in Attachments 8, 9 and 10 of the staff report titled 2024 Proposed Operating Budget with a tax increase of 0.52% be approved; and ( c ) Transfer to reserves for Investment in Community Facilities as per Council’s Long Term Financial Management Strategy in the amount of $2,870,523 with a tax increase of 1.00% be approved; and ( d ) Senior level government and other government agency increase of $3,491,599 with a tax increase of 1.22% be approved; and ( e ) Use of reserves for program expenditures for Affordable Housing, Child Care and Public Art programs of $1,581,197 as presented in Attachment 7 be approved; and ( f ) Operating budget impacts totalling $971,855 with a tax increase of 0.34% be approved; and ( g ) The Rate Stabilization Account be used to reduce the overall impact of additional operating costs for a total of $1,612,500 resulting in a tax decrease of 0.56% be approved; and ( 2 ) The 2024 Operating Budget as approved be included in the Consolidated 5 Year Financial Plan (2024-2028). ADOPTED ON CONSENT

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