Property taxes in Richmond could go up by 5.62 per cent this year.
If approved by city council, this will mean an average increase of $116 per residential property.
The 5.62-per-cent increase is recommended by city staff and will be discussed by city council at next Monday’s finance meeting.
Some of the proposed increases are an $8.9 million increase to maintain the same level of regular service at the city, one per cent transfer to reserves, about $3.5 million in increases to senior levels of government – for E-Comm, WorkSafeBC and CPP increases.
City staff is also recommending using $1.6 million from what’s called the “rate stabilization fund,” that is, reserves earmarked to offset tax increases.
Some of the highest increases come from community safety, with RCMP costs expected to increase by more than $3 million and Richmond Fire Rescue by about half a million dollars.
The proposed budget for policing is expected to be $76 million in 2024 and the fire department, almost $49 million.
City council will also deal with the capital budget, whose budget is proposed at $214 million.
This includes $70 million for phase one of upgrading the city works yard at Lynas Lane and $20 million to upgrade diking and flood protection.
Total revenues for the City of Richmond, if the budget is approved, are expected to be $418 million in 2024, up from $391 million in 2023.
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