It appears Richmond property owners will be paying 5.86 per cent more in taxes in 2025.
If approved by Richmond city council, it will mean an average increase of $128 for an average single-family household whose assessed value is about $1.3 million.
City council will deal with its operating and capital budgets on Monday.
Cost drivers for the increase include new union contracts as well as more police and fire staff.
The city is proposing to add 10 new community safety positions, which includes six new RCMP officers, two municipal staff to support them and two new fire captains. This will add almost $1.8 million to the 2025 budget, raising it by more than half a per cent.
Furthermore, E-Comm fees have increased by $800,000.
Another cost driver is a higher-than-expected union contract with the city’s inside and outside workers. Last year, it was budgeted they would get a 3.5-per-cent increase, but, in the end, they received a 4.5-per-cent wage increase in 2024.
The inside and outside workers will get a four-per-cent pay increase in 2025.
Furthermore, other changes in the collective agreements, such as to extended health benefits, "dirty pay," shift premiums and tool allowances, were included, adding $2.3 million in retroactive payments.
Richmond firefighters have been without a contract for three years.
Gambling revenue down
Gaming revenues have been falling, and this year the city is budgeting to receive $1 million less than last year.
Before the pandemic, gaming revenues to the city, which is 10 per cent of net revenues from River Rock Casino, were around $14.5 million.
In 2025, the city is expecting $11.5 million, as last year’s estimation of $12.5 million wasn’t achieved.
To bring down the overall tax increase by 0.65 per cent, city staff are suggesting $2 million be taken out of the “rate stabilization account,” which is a fund of previously unused taxes.
City council's finance committee will deal with the budgets at their 4 p.m. meeting on Monday.
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