December 1, 2025 - Agenda

Pg. #

ITEM

MINUTES

FIN-6

Motion to adopt the minutes of the meeting of the Finance Committee held on November 3, 2025.

RICHMOND PUBLIC LIBRARY

1.

2026 Operating and Capital Budgets for Richmond Public Library

(File Ref. No. 03-0970-25-2026-01/) (REDMS No. 8209786)

FIN-9

See Page FIN-9 for full report

Designated Speaker:  Susan Walters

STAFF RECOMMENDATION

(1)

That the 2026 proposed Richmond Public Library budget with a municipal contribution of $12,642,700 as presented in Attachment 1 from the Chief Librarian and the Secretary of the Board, be approved; and

(2)

That the Richmond Public Library request for an additional municipal contribution of $100,000 for physical collection from the Chief Librarian and the Secretary of the Board, be included as a recommended item in the report titled “2026 One-Time Expenditures” dated November 17, 2025 from the Director, Finance.

RICHMOND OLYMPIC OVAL CORPORATION

2.

Richmond Olympic Oval Corporation – 2026 Operating and Capital Budgets

(File Ref. No. 03-1200-09 ) (REDMS No. 8228489)

FIN-20

See Page FIN- 20 for full report

Designated Speaker:  Rick Dusanj

STAFF RECOMMENDATION

That the Richmond Olympic Oval Corporation - 2026 Operating and Capital Budgets report from the Director, Finance, Innovation & Technology, Richmond Olympic Oval Corporation be received for information.

FINANCE AND CORPORATE SERVICES DIVISION

3.

2026 PROPOSED CAPITAL BUDGET

(File Ref. No. 03-0970-25-2026-01) (REDMS No. 8201906)

FIN-34

See Page FIN-34 for full report

Designated Speaker:  Jenny Ho

STAFF RECOMMENDATION

(1)

That the 2026 Proposed Capital Budget as presented in Appendix 3 totaling $245,724,000 be approved; and

(2)

That the 2026 Proposed Capital Budget as approved be included in the Consolidated 5 Year Financial Plan (2026-2030).

4.

2026 PROPOSED OPERATING BUDGET

(File Ref. No. 03-0985-01) (REDMS No. 8216955)

FIN-180

See Page FIN-180 for full report

Designated Speaker:  Melissa Shiau

STAFF RECOMMENDATION

(1)

That the 2026 Proposed Operating Budget as presented in Budget

Option 2 for a total of 3.28% be approved as outlined below:

(a)

A same level of service budget increase of $3,905,151 after tax growth with a tax increase of 1.19% be approved;

(b)

Ongoing funding for expenditures previously approved by Council totaling $2,742,450 as presented in Table 13 with a tax increase of 0.84% be approved;

(c)

Emerging organizational additional levels in the amount of $1,045,361 as presented in Attachments 10, 11, and 12, of the staff report titled 2026 Proposed Operating Budget with a tax increase of 0.32% be approved;

(d)

The Rate Stabilization Account be used to pay for the one-time initial capital costs for the recommended No Tax Impact Positions from Attachment 11 totaling $75,211 be approved;

(e)

Transfer to reserves for Investment in Community Facilities as per Council’s Long Term Financial Management Strategy in the amount of $3,271,701 with a tax increase of 1.00% be approved;

(f)

Senior level government and other government agency increase of $1,479,436 with a tax increase of 0.45% be approved;

(g)

Use of reserves for program expenditures for Affordable Housing, Child Care and Public Art programs of $1,360,000 as presented in Attachment 9 be approved;

(h)

Operating budget impacts from the 2026 Proposed Capital Budget totalling $101,581 with a tax increase of 0.03% be approved; and

(i)

The Rate Stabilization Account be used to reduce the overall impact of additional operating costs for a total of $1,800,000 resulting in a tax decrease of 0.55% be approved.

(2)

That the 2026 Operating Budget as approved be included in the

Consolidated 5 Year Financial Plan (2026-2030); and

(3)

That item 2 of the Long Term Financial Management Strategy

(Council Policy 3707) be amended as follows:

Gaming revenues are designated for the capital reserves, the

major capital community facility replacement program, the

grants program, and the Council initiatives account.

5.

2026 One-Time Expenditures

(File Ref. No. 03-0985-01/) (REDMS No. 8217651)

FIN-261

See Page FIN-261 for full report

Designated Speaker:  Melissa Shiau

STAFF RECOMMENDATION

That the one-time expenditures totaling $3,504,797 as outlined in Attachment 1 of the 2026 One- Time Expenditures staff report, be approved with funding from the Rate Stabilization Account and included in the Consolidated 5 Year Financial Plan (2026-2030).

LULU ISLAND ENERGY COMPANY

6.

Lulu Island Energy Company – 2026 Operating and Capital Budgets

(File Ref. No.) (REDMS No.)

FIN-269

See Page FIN-269 for full report

Designated Speakers:  Helen Zhao & Christopher David

STAFF RECOMMENDATION

That the Lulu Island Energy Company report titled "Lulu Island Energy Company – 2026 Operating and Capital Budgets", dated November 6, 2025 from the Chief Executive Officer and Chief Financial Officer, Lulu Island Energy Company be received for information.

ADJOURNMENT