Budget Committee of the Whole

That the agenda be adopted as distributed by the Clerk.

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

a) That staff report SRCFS.23.030 regarding the 2022 Investment Portfolio Results be received for information purposes. June 27, 2023 BCW#04-23

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be merged with 225 EBC Stabilization Reserve; iii) Crosby Entrance Reserve be closed; and iv) The respective by-laws be repealed and their corresponding accounts be closed.

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.

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: i. Continues to manage the City’s capital program reflective of corporate priorities; ii. Maximizes all funding from external sources, development charges and reserve funding; iii. Proposes funding not to exceed: a. $31 million from Tax Supported Reserve Funds b. $23 million from Development Charges Reserve Funds c. $9 million from Cash-in-Lieu of Parkland Reserve Fund c) That staff present a 2024 Draft Operating Budget that: i. Supports Council priorities; ii. Utilizes the budget considerations outlined in staff report SRCFS.23.034 as a guideline; iii. Proposes a tax rate increase target of up to 3%, excluding the Capital Asset Sustainability Levy; iv. Staff identify service level changes to meet the guideline; v. 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; June 27, 2023 BCW#04-23 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 re

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: iv. Continues to manage the City’s capital program reflective of corporate priorities; v. Maximizes all funding from external sources, development charges and reserve funding; vi. Proposes funding not to exceed: a. $31 million from Tax Supported Reserve Funds b. $23 million from Development Charges Reserve Funds c. $9 million from Cash-in-Lieu of Parkland Reserve Fund c) That staff present a 2024 Draft Operating Budget that: June 27, 2023 BCW#04-23 vi. Supports Council priorities; vii. Utilizes the budget considerations outlined in staff report SRCFS.23.034 as a guideline; viii. Proposes a tax rate increase target of up to 3%, excluding the Capital Asset Sustainability Levy; ix. Staff identify service level changes to meet the guideline; x. 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

That the meeting be adjourned.