2023 OPERATING AND CAPITAL BUDGETS FOR RICHMOND PUBLIC LIBRARY

The Library Board opted to gradually phase out the one-time transfer from Budget Stabilization with the eventual goal of presenting a budget that reflects the library's actual cost of providing library services. Continuing to fund the base operational budget with transfers from Budget Stabilization pushes the funding ask to future years and compounds the budget impact. The 2023 operating budget report presents the same level of service base budget resulting in a 3.82% municipal contribution increase, which is below the forecasted CPI for 2023 of 3.98%. Including the gradual elimination of the transfer from Budget Stabilization from the previous year and the impact of the Provincial legislation on the Employment Standards Act, the total municipal contribution increase is 4.32%.

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