2023 ONE-TIME EXPENDITURES

One-time expenditure requests are typically non-recurring items over and above the base annual budget or items that are recurring in nature but are not required on an annual basis. Council established a Rate Stabilization Account (RSA) to provide funding for such requests. The RSA has also been used to defer the City's annual tax increase to a future year. Each year, once the City's accounts from the prior year are finalized, any resulting surplus is transferred into the RSA. Any approved one-time expenditure requests will be included in the 2023-2027 Consolidated 5 Year Financial Plan ( 5YFP). This report supports Council's Strategic Plan 2018-2022 #5 Sound Financial Management: Accountable, transparent, and responsible financial management that supports the needs of the community into the fitture. 5.1. Maintain a strong and robust financial position. 5.2. Clear accountability through transparent budgeting practices and effective public communication. 5.3. Decision-making focuses on sustainability and considers circular economic principles. 5.4 Work cooperatively and respectfit!ly with all levels of government and stakeholders while advocating for the best interests of Richmond. Analysis For 2023, there are eleven one-time expenditure requests totalling $1,375,723. The Senior Management Team (SMT) appointed a Review Team to review each request using established ranking criteria. The prioritized requests were also reviewed by the CAO and SMT. There is no additional tax impact from any of the proposed requests as they will be funded from the RSA. The RSA has an unaudited balance of $13,120,507 as of October 31, 2022. While there is no additional tax impact from utilizing the RSA to fund one-time expenditure requests, the ability to fund such requests depends on the annual surplus.

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