Richmond Hill's 2024 Budget was adopted on December 13, 2023. The council regards it as fiscally responsible and ensures service levels are maintained.
The operating budget for Richmond Hill is $212 million .
- There is a 4.7% tax rate increase to Richmond Hill residents and businesses which is lower than initially forecasted.
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For a residential property assessed at $1,146,000 there would be an increase of $7.94 per month.
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The operating budget also includes $550,000 for the 16 new firefighters approved in the 2022 budget, the second of five years of phased-in funding, ensuring Fire and Emergency Services have the resources necessary to help keep the community safe.
- The property tax rates in Richmond Hill remain some of the lowest in the GTA.
- Only 64% of Richmond Hill’s operating budget is funded by property taxes, with 20% of funding from user fees and fines and the remaining portion from grants and donations, investment income and reserve funds.
- The City only keeps approximately 26% of property taxes it collects. More than half of residential property taxes are provided to York Region fir services such as police and paramedic services, public health, children’s services and care of regional roads. The remainder of taxes are collected for school boards.
The capital budget of $102 million is the City’s largest investment in infrastructure in a single year. It will help ensure the City continues to build and maintain the infrastructure needed for the growing community, including parks, trails, recreation centres, roads and sidewalks.
- The Capital Asset Sustainability Levy, which helps to fund the repair and replacement of aging infrastructure such as roads, parks and buildings, increases by 1.5% in the 2024 budget. The increase is equal to $30.42 on a property valued at $1,146,000 and is separate from the 4.7% property tax rate increase.
- The annual capital budget does not have a direct impact on the property tax rate.
- Capital planning includes both growth-related and state-of-good-repair projects. Growth-related projects are investments in new or existing infrastructure that will benefit current and future residents, such as expanding parks. State-of-good-repair projects are investments in existing capital assets to maintain their current function or life span, such as repairs to a pool.
- Significant growth-related projects in the 2024 capital budget include the new Richmond Hill David Dunlap Observatory pedestrian and cyclist bridge, four pickleball courts, two multi-use courts and a tennis court, new trails, multi-use paths and sidewalks.
- Completion of the state-of-good-repair projects will result in the update of existing tennis courts, soccer fields and playgrounds, as well as 39 km of road. The City will also rehabilitate two stormwater ponds and update the roofs and mechanical systems at various facilities.
Water and Wastewater Budget
Water rates finance the delivery of clean, safe water to households and businesses, including the cost of water, daily testing, watermain maintenance and the staff to perform these functions.
The 2024 Water and Wastewater budget is funded by water billing and does not impact the property tax rate. Water and wastewater rates will increase by 4.0%, effective April 1, 2024. For households with an average water consumption of 300 cubic metres per year, this is equal to an annual increase of $60.72.
Stormwater Budget
The stormwater fee is paid by residents to help cover the cost to protect the community from flooding, erosion and improve water quality in streams and rivers. Stormwater comes from rain and melted snow that flows into the storm sewers and stormwater ponds across the city. Stormwater management is a citywide service that protects the community and the environment. Richmond Hill’s stormwater management facilities include more than 95 stormwater ponds, 18,000 catch basins, 1,100 culverts/ road crossings and 540 km of storm sewer.
In 2023, the City completed a comprehensive stormwater management rate review, resulting in a new refined rate structure. The 2024 stormwater fee will increase 9.0% for all property types, effective April 1, 2024. On an average sized residential property in Richmond Hill with a billable area of 5,398 square feet, this is equal to an annual increase of $4.91.
