Budget Committee of the Whole Meeting
Agenda

BCW#04-23

Tuesday, June 27, 2023 at 1:30 P.m. - 4:30 P.m.

Council Chambers

225 East Beaver Creek Road

Richmond Hill, Ontario

Chair, Joe DiPaola, Regional and Local Councillor

PUBLIC NOTICE

City facilities are open to the public to attend Council and Committee meetings. The public can observe meetings of Council and Committees by attending in-person or by viewing the livestream of the open session part of these meetings which can be accessed on the City’s website (Richmondhill.ca) or on the City’s YouTube page (linked from the City’s homepage).

Public Comments: The public may submit written correspondence regarding agenda items by email to [email protected]. Written correspondence must be submitted by 12 p.m. (noon) one business day before the meeting. Comments submitted will be provided to all Members of Council, are considered as public information and will be included on the public agenda posted to the City's website.

Delegations: Any person who wishes to speak to Council on agenda items must pre-register with the Office of the Clerk by 12 p.m. (noon) one business day before the meeting. Applications to appear as a delegation can be submitted by email to [email protected] or by using the on-line application form found on Richmondhill.ca. Delegations can be in person, or electronically by video conference or telephone. The Office of the Clerk will provide instructions on appearing as a delegation.

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1.

Adoption of Agenda

2.

Disclosure of Pecuniary Interest and General Nature Thereof

3.

Delegations

4.

Scheduled Business

4.1

SRCFS.23.029 - Year-End Operating Results as of December 31, 2022

- Presentation by Gigi Li, Director of Financial Services and Treasurer

(Please note this is a 20 minute presentation)

• a) That the 2022 Operating Results overview be received for information purposes;

  b) That the 2022 Operating Budget carryforward items of $212,700 listed in Appendix “B” be approved and carried over to the 2023 Operating Budget;

  c) That the 2022 Operating Fund Covid-related deficit of $3,045,400 be fully funded from the Safe Restart Agreement funds; and

  d) That the surplus allocation as detailed in Appendix “C”, be approved:

  1. 2022 Operating Fund surplus of $1,059,800 be transferred to the Tax Rate Stabilization Reserve;
  2. 2022 Water & Wastewater Fund surplus of $536,000 be transferred to the Water Rate Stabilization Reserve;
  3. 2022 Stormwater Management Fund deficit of $1,936,400 be funded from the Water Quality Protection Reserve Fund.

4.2

SRCFS.23.030 – 2022 Investment Portfolio Results

• a) That staff report SRCFS.23.030 regarding the 2022 Investment Portfolio Results be received for information purposes.

4.3

SRCFS.23.032 - 2022 Reserve and Reserve Fund Status

• a) That staff report SRCFS.23.032 regarding the 2022 Reserve and Reserve Fund Status, be received for information purposes;

  b) That for administration purposes, the following reserve fund realignments be approved:

  i) Performance for International Events Reserve Fund be merged with Theatre Repair and Replacement Reserve Fund;

  ii) New Civic Building Reserve Fund be merged with 225 EBC Stabilization Reserve;

  iii) Crosby Entrance Reserve be closed; and

  iv) The respective by-laws be repealed and their corresponding accounts be closed.

4.4

SRCFS.23.035 - 2022 Development Charges, Cash in Lieu of Parkland and Community Benefits Charge Reserve Funds Statement

• a) That staff report SRCFS.23.035 regarding the 2022 Development Charges, Cash in Lieu of Parkland and Community Benefits Charge Reserve Funds Statement, be received for information purposes; and

  b) That the 2022 Development Charges, Cash in Lieu of Parkland and Community Benefits Charge Reserve Funds Statement be made available to the public on the City of Richmond Hill website as outlined in staff report SRCFS.23.035.

4.5

SRCFS.23.034 – 2024 Capital and Operating Budget Strategy

- Presentation by Gigi Li, Director of Financial Services and Treasurer

(Please note this is a 20 minute presentation)

• a) That staff report SRCFS.23.034, regarding the 2024 Capital and Operating Budget Strategy, be received;

  b) That staff present a 2024 Draft Capital Budget that:

  1. Continues to manage the City’s capital program reflective of corporate priorities;
  2. Maximizes all funding from external sources, development charges and reserve funding;
  3. Proposes funding not to exceed:
     1. $31 million from Tax Supported Reserve Funds
     2. $23 million from Development Charges Reserve Funds
     3. $9 million from Cash-in-Lieu of Parkland Reserve Fund

  c) That staff present a 2024 Draft Operating Budget that:

  1. Supports Council priorities;
  2. Utilizes the budget considerations outlined in staff report SRCFS.23.034 as a guideline;
  3. Proposes a tax rate increase target of 3%, excluding the Capital Asset Sustainability Levy;
  4. Staff identify service level changes to meet the guideline;
  5. Proposes a Capital Asset Sustainability Levy in the operating budget equivalent to 1.5% tax rate increase.

  d) That staff present a 2024 Draft Water & Wastewater Budget that reflects the wholesale rate increase from Region of York and approved factors from the Water/Wastewater Financial Plan;

  e) That staff present a 2024 Draft Stormwater Management Budget that reflects the new stormwater management funding and rate structure;

  f) That staff be directed to proceed with the 2024 Budget process in accordance with the timetable outlined in Appendix “A” and guidelines described in staff report SRCFS.23.034.

5.

Adjournment