City Council -December 8, 2025 - Minutes - City of Richmond, BC

12 . 2026 PROPOSED OPERATING BUDGET (File Ref. No. 03-0970-25-2026-01; XR: 03-0985-01) (REDMS No. 8216955, 8246844) ( 1 ) That the 2026 Proposed Operating Budget as presented in Budget Option 2 for a total of 3.04% be approved as outlined below: ( a ) A same level of service budget increase of $3,905,151 after tax growth with a tax increase of 1.19% be approved; (b) Ongoing funding for expenditures previously approved by Council totaling $2,742,450 as presented in Table 13 with a tax increase of 0.84% be approved; (c) Emerging organizational additional levels in the amount of $1,045,361 as presented in Attachments 10, 11, and 12, of the staff report titled 2026 Proposed Operating Budget with a tax increase of 0.32% be approved; (d) The Rate Stabilization Account be used to pay for the one-time initial capital costs for the recommended No Tax Impact Positions from Attachment 11 totaling $75,211 be approved; (e) Transfer to reserves for Investment in Community Facilities as per Council’s Long Term Financial Management Strategy in the amount of $3,271,701 with a tax increase of 1.00% be approved; (f) Senior level government and other government agency increase of $700, 259 with a tax increase of 0.21% be approved; (g) Use of reserves for program expenditures for Affordable Housing, Child Care and Public Art programs of $1,360,000 as presented in Attachment 9 be approved; (h) Operating budget impacts from the 2026 Proposed Capital Budget totalling $101,581 with a tax increase of 0.03% be approved; and (i) The Rate Stabilization Account be used to reduce the overall impact of additional operating costs for a total of $1,800,000 resulting in a tax decrease of 0.55% be approved. ( 2 ) That the 2026 Operating Budget as approved be included in the Consolidated 5 Year Financial Plan (2026-2030); and (3) That item 2 of the Long Term Financial Management Strategy (Council Policy 3707) be amended as follows: Gaming revenues are designated for the capital reserves, the major capital community facility replacement program, the grants program, and the Council initiatives account. ADOPTED ON CONSENT

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