Tune into the Richmond Hill Budget Committee of the Whole on Tuesday October 6th and find out the state of the City's finances. View Agenda here.
Agenda Items include:
2020 and 2021 Operating Forecast, COVID-19 Pressures and Updated Cash Flow
Based on the continued 90% collection rate for the interim tax billing, the City’s cash flow situation is sufficient to meet the City’s major financial obligations.
Financial Sustainability Strategy
The City has maintained a strong financial position for many years and has been successful at efficiently managing its finances without the issuance of debt. Significant reserve and reserve fund balances have been accumulated through the wise and effective management in all of the City’s financial resources. However, aging infrastructure and changes in the timing of development-related growth from increasing urbanization, requires an alternative source of funding to maintain and support future growth.
The Province changed municipal funding options related to Development Charges, parkland dedication / cash-in-lieu of parkland, and Planning Act - Section 37 agreements, and introduced Community Benefits Charges.