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FIN – 1 4580494
Agenda
Finance Committee
Anderson Room, City Hall 6911 No. 3 Road
Monday, June 1, 2015 Immediately Following the Open General Purposes Committee meeting
Pg. # ITEM
MINUTES FIN-4 Motion to adopt the minutes of the meeting of the Finance Committee held
on Monday, May 4, 2015.
FINANCE AND CORPORATE SERVICES DIVISION 1. 2014 ANNUAL REPORT AND 2014 ANNUAL REPORT –
HIGHLIGHTS (File Ref. No.) (REDMS No. 4578102)
FIN-8 See Page FIN-8 for full report
Designated Speakers: Jerry Chong & Ted Townsend
STAFF RECOMMENDATION
That the City of Richmond 2014 Annual Report and the 2014 Annual Report – Highlights be approved.
Finance Committee Agenda – Monday, June 1, 2015 Pg. # ITEM
FIN – 2
2. 2014 ANNUAL DEVELOPMENT COST CHARGES (File Ref. No. 03-0905-05-01) (REDMS No. 4574870)
FIN-93 See Page FIN-93 for full report
Designated Speaker: Jerry Chong
STAFF RECOMMENDATION
That the staff report titled, “2014 Annual Development Cost Charges,” dated May 8, 2015, from the Director, Finance, be received for information.
3. FINANCIAL INFORMATION – 1ST QUARTER MARCH 31, 2015
(File Ref. No.) (REDMS No. 4572106 v. 2)
FIN-108 See Page FIN-108 for full report
Designated Speaker: Jerry Chong
STAFF RECOMMENDATION
That the staff report titled, “Financial Information – 1st Quarter March 31, 2015,” dated May 8, 2015, from the Director, Finance, be received for information.
RICHMOND OLYMPIC OVAL CORPORATION 4. 1ST QUARTER 2015 – FINANCIAL INFORMATION FOR THE
RICHMOND OLYMPIC OVAL CORPORATION (File Ref. No.) (REDMS No. 4583862)
FIN-134 See Page FIN-134 for full report
Designated Speaker: Rick Dusanj
STAFF RECOMMENDATION
That the report on Financial Information for the Richmond Olympic Oval Corporation for the first quarter ended March 31, 2015 from the Controller of the Richmond Olympic Oval Corporation be received for information.
Finance Committee Agenda – Monday, June 1, 2015 Pg. # ITEM
FIN – 3
ADJOURNMENT
Date:
Place:
Present:
Absent:
City of Richmond
Finance Committee
Monday, May 4,2015
Anderson Room Richmond City Hall
Mayor Malcolm D. Brodie, Chair Councillor Derek Dang Councillor Carol Day Councillor Ken Johnston Councillor Alexa Loo Councillor Bill McNulty Councillor Linda McPhail Councillor Harold Steves
Councillor Chak Au
Minutes
Call to Order: The Chair called the meeting to order at 5:06 p.m.
4570740
MINUTES
It was moved and seconded That the minutes of the meeting of the Finance Committee held on Tuesday, April 7, 2015, be adopted as circulated.
CARRIED
DELEGATION
1. C.J. James, Engagement Partner, and Archie Johnston, Client Relationship and Quality Review Partner, KPMG, were available to answer questions related to the 2014 Auditor's report on the City'S financial statements. Ms. James thanked City staff for their efficiency in compiling the City'S financial statements.
1.
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Finance Committee Monday, May 4, 2015
In reply to a query from Committee, Jerry Chong, Director, Finance, advised that Part 2 of Attachment II - Summary of Audit Misstatements Schedules was related to water purchases from the Great Vancouver Regional District.
FINANCE AND CORPORATE SERVICES DIVISION
2. 2014 CONSOLIDATED FINANCIAL STATEMENTS (File Ref. No. 03-0905-01) (REDMS No. 4556244 v. 2)
Andrew Nazareth, General Manager, Finance and Corporate Services, accompanied by Mr. Chong, commented that the variances between the budget and actual figures on the Consolidated Statement of Operations on page FIN-29 can be attributed to the following:
III the budget was prepared on a cash basis as per the Community Charter, whereas the figures presented are on an accrual basis;
III the Statement was prepared using the original budget, whereas spending is against the Council approved amended budget as part of the amended 5-Year Financial Plan; and
III re-statements for items approved as part of the Capital budget are expensed as these have no assets to capitalize against, for example the Kiwanis affordable housing transfers.
In reply to a query from Committee, Mr. Chong advised that the $864.7 million in "Cash and Investments" shown on page FIN-24 are from a number of accounts including reserves and are invested in various bonds and term deposits.
It was moved and seconded That the City's audited consolidated financial statements for the year ended December 31,2014 be approved.
CARRIED
RICHMOND PUBLIC LIBRARY BOARD
3. 2014 FINANCIAL STATEMENTS FOR THE RICHMOND PUBLIC LIBRARY (File Ref. No.) (REDMS No.)
It was moved and seconded That the report on the 2014 Financial Statements for the Richmond Public Library Board be received for information.
CARRIED
2. FIN - 5
Finance Committee Monday, May 4, 2015
LULU ISLAND ENERGY CORPORATION
4. 2014 FINANCIAL STATEMENTS FOR THE LULU ISLAND ENERGY COMPANY (File Ref. No. 01-0060-20-LIEC1) (REDMS No. 4551203 v. 2)
It was moved and seconded That the Lulu Island Energy Company audited financial statements for the year ended December 31, 20U, in the report titled 2014 Financial Statements for the Lulu Island Energy Company, dated April, 9, 2015, from the Chief Executive Officer and Chief Financial Officer, Lulu Island Energy Company, be received for information.
CARRIED
RICHMOND OLYMPIC OVAL CORPORATION
5. 2014 FINANCIAL STATEMENTS FOR THE RICHMOND OLYMPIC OVAL CORPORATION (File Ref. No.) (REDMS No. 4567913)
In response to a query from Committee, Cathryn V olkering Carlile, General Manager, Community Services, advised that the full and part-time staffing levels for the Richmond Olympic Oval are comparable to those of City sport and recreation facilities.
It was moved and seconded That the report on the 2014 Audited Financial Statementsfor the Richmond Olympic Oval from the Controller, Richmond Olympic Oval Corporation, be received for information.
CARRIED
ADJOURNMENT
It was moved and seconded That the meeting adjourn (5:17p.m.).
CARRIED
3. FIN - 6
Mayor Malcolm D. Brodie Chair
Finance Committee Monday, May 4, 2015
Certified a true and correct copy of the Minutes of the meeting of the Finance Committee of the Council of the City of Richmond held on Monday, May 4,2015.
Heather Howey Committee Clerk
4. FIN - 7
City of Richmond Report to Committee
To:
From:
Re:
Finance Committee Date: May 13, 2015
Andrew Nazareth File: General Manager, Finance and Corporate Services 2014 Annual Report and 2014 Annual Report - Highlights
Staff Recommendation
That the City of Richmond 2014 Annual Report and the 2014 Annual Report - Highlights be approved.
------Andrew Nazareth General Manager, Finance and Corporate Services Division (4095)
Att.
REPORT CONCURRENCE
CONCURRENCE OF GENERAL MANAGER
Jt-t L - ............
REVIEWED BY STAFF REPORT I AGENDA REVIEW SUBCOMMITTEE
~O,_
4578102
INITIALS:
~
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May 13,2015 - 2 -
Staff Report
Origin
Pursuant to Section 98 of the Community Charter, before June 30th, in each year, a Council must
a) Prepare an annual report
b) Make the report available for public inspection
c) Make the report available for public inspection at a Councilor other public meeting
Analysis
The City of Richmond' s annual report formally presents the audited financial statements, financial, economic and demographic statistics. In addition, the report highlights some of the City's significant achievements from 2014, including the following:
e Doubling the number of child care spaces offered in City-owned facilities, securing creation of more than 200 new spaces over the next few years.
e Richmond RCMP introducing online crime reporting via the City's website. This innovative new service makes it simpler and quicker for residents to report selected cnmes.
• Council approving a master plan for the Garden City Lands, ensuring the important 136.5 acre-parcel adjoining the City Centre is preserved as park and green space for community use.
e The City adopting a new Resilient Economy Strategy. The strategy identifies priority initiatives, focuses efforts on key economic sectors and emphasizes both business expansion and retention.
e Preliminary design completed and approved for the new multipurpose Minoru Complex and new No.1 and No.3 Fire Halls.
e The City investing nearly $10 million in 2014 in improvements to Richmond's flood protection network.
The City of Richmond received numerous awards and recognition in 2014 including the following:
• Alexandra District Energy Utility (ADEU) project; o National Energy Globe Award for Canada as the best project in Canada in this
international competition; o Canadian Geo-exchange Coalition Excellence Award; o Community Planning and Development Award from the Community Energy
Association; and o Sustainability Award from the Association of Professional Engineers and
Geoscientists of BC. e The Excellence on the Waterfront Award from Washington DC-based Waterfront Center
for the Richmond Middle Arm Park and Greenway.
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May 13,2015 - 3 -
e CAMA Professional Development Award for the Corporate Programs Management Group (CPMG) leadership development program.
CD The inaugural Culture Days National Marketing Award for promotion of the annual nation-wide event.
III An Honourable Mention in the Federation of Canadian Municipalities 2015 Sustainable • Communities Awards for Neighbourhood Development for our City Centre
Neighbourhood Development Action Plan. o Wood WORKS! BC Community Recognition Award for the City's commitment to
promoting the use of wood in civic projects. III Western Investor magazine selected Richmond as the best city for real estate investment
in Western Canada. 4!1 Silver Leaf (national) and Bronze Quill (provincial) Awards of Excellence from the
International Association of Business Communicators for the Green Cart program launch. o A Distinguished Systems Award from the Urban and Regional Information Systems
Association (URISA) for the City's GIS tool. I!I A Leadership Excellence Award from BC Hydro's Power Smart Excellence Awards for
energy efficiency initiatives. .. A Most Business Friendly Award from NAIOP Vancouver for the City's green building
initiatives. o Government Finance Officers Association awards for the 2013 Annual Report:
o Canadian Award for Financial Reporting (lih consecutive year). o Outstanding Achievement in Popular Annual Financial Reporting (5th
consecutive year).
Staff have followed the award-winning format from past years in which two versions of the report are prepared. The first version is the comprehensive 2014 Annual Report, which meets all legislative requirements. The comprehensive version includes the City's audited consolidated financial statements; the City's corporate objectives and success indicators, as identified through Council's Term Goals and objectives; and a listing of permissive exemptions as required under the Community Charter for British Columbia's local governments. In addition to the statutorily required information, the comprehensive version provides information on City milestones from 2014, including awards and achievements, as well as relevant statistical data.
The second version is the popular financial report, or titled 2014 Annual Report - Highlights. It has been prepared to inform the general public about the City of Richmond, its services, highlights from 2014 and the City's financial condition. Both versions will be publicly available through the City's website. The simplified version will be mailed out and made available for the general public in hard copy at Richmond City Hall, Front of House and on the City's website, while the comprehensive version will be printed only on an exception basis
Financial Impact
None.
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May 13,2015 - 4 -
Conclusion
The City of Richmond 2014 Annual Report and the 2014 Annual Report - Highlights satisfy Community Charter requirements for financial reporting and provide important tools in ensuring public transparency and accountability for the management of City finances. The reports also provide useful information on the City's achievements during the 2014 fis a
Jerry Chong Director, Finance (4064)
Art. 1: 2014 Annual Report 2: 2014 Annual Report - Highlights
(~ Ted Townsend Senior Manager, Corporate Communications (4399)
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FIN - 12
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Canadian Award for Financial Reporting to the City of Richmond for its annual financial report for the fiscal year ended December 31, 2013. The Canadian Award for Financial Reporting program was established to encourage municipal governments throughout Canada to publish high quality financial reports and to provide peer recognition and technical guidance for officials preparing these reports.
In order to be awarded a Canadian Award for Financial Reporting, a government unit must publish an easily readable and efficiently organized annual financial report, whose contents conform to the program standards. Such reports should go beyond the minimum requirements of generally accepted accounting principles and demonstrate an effort to clearly communicate the municipal government’s financial picture, enhance an understanding of financial reporting by municipal governments, and address user needs.
A Canadian Award for Financial Reporting is valid for a period of one year only. We believe our current report continues to conform to the Canadian Award for Financial Reporting program requirements, and we are submitting it to the GFOA.
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1City of Richmond 2014 Annual Report
ContentsIntroductory sectionMessage from the Mayor ..................................................................................................................... 2Richmond City Council ......................................................................................................................... 3City of Richmond organizational chart ................................................................................................. 4Message from the Chief Administrative Officer .................................................................................... 52014 Awards ....................................................................................................................................... 7Council Term Goals and Objectives: 2011 to 2014 ............................................................................... 8Report from the General Manager, Finance and Corporate Services .................................................... 12
Financial sectionCity of Richmond audited financial statements ................................................................................... 13
Statistical sectionCity of Richmond statistical data ........................................................................................................ 39
Tax exemption section2014 permissive property tax exemptions ........................................................................................... 552014 City Centre Area transitional tax exemptions ............................................................................. 59
Contacts and major services provided by City of Richmond ................................................................ 60
Our vision is to be the most appealing, livableand well-managed community in Canada
Cover photo: The Terra Nova Adventure Play Environment officially opened in 2014 at Terra Nova Rural Park.
This report was prepared by the City of Richmond Finance and Corporate Services Division and Corporate Communications Office. Design, layout and production was done by the City of Richmond Production Centre. ©2015 City of Richmond
Contents printed on Canadian made, 100% recycled stock, using environmentally friendly toners.
2014 Annual ReportFor the year ended December 31, 2014British Columbia, Canada
City ofRichmond
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2City of Richmond 2014 Annual Report
Message from the MayorThe City of Richmond continued to enjoy sustained long-term growth and a robust local economy throughout 2014. In response, the City made prudent investments to ensure we have the infrastructure and programs to meet the needs of both current and future residents; we retain our outstanding, internationally-recognized quality of life; and, that Richmond remains on a sustainable path. Richmond’s strong financial position allowed us to make these investments with minimal impact on property taxes.
As the final year of the Council Term, 2014 was a busy year for Council, as we worked to complete or advance our many Council Term Goals.
Most notably, the year was marked by the opening of a number of new key amenities to serve the community. The popular Railway Greenway
has been a huge success, turning an abandoned railway corridor into an active and vital cross-island transportation link, while promoting physical activity. The Terra Nova Adventure Play Environment set new standards for innovation and sustainability in creating exciting play opportunities for our youth. Similarly, the new Terra Nova Nature Preschool brought children directly into contact with their natural environment, developing an appreciation for ecology from an early age. A critically-needed expansion of child care spaces in Richmond began with the opening of new City-owned child care facilities in the Hamilton and West Cambie areas.
Council also approved the preliminary design for the $79 million Minoru Complex (housing an aquatics centre, older adults centre and sport and recreation amenities). Design was also approved for two new fire halls, which will complete a decade-long upgrade of all of our public safety buildings to post-disaster status. Construction of these new buildings is in progress and will be complete by 2017.
The City also approved the master plan for the Garden City Lands, a 136.5-acre parcel of open space on the edge of the City Centre. This vital parcel of land will be entirely preserved for park and other community use. Other key plans approved by Council included a Resilient Economy Strategy and expansion of our award-winning District Energy program.
As Council enters the first year of a new four-year term in 2015, we will be revisiting our Council Term Goals to ensure that Richmond continues to be one of Canada’s most livable communities and that our residents and businesses continue to receive extraordinary value from the programs and services they help fund. As always, I invite you to contact the Mayor’s Office to discuss or comment on any of the information contained in this Annual Report.
Malcolm BrodieMayor, City of Richmond
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3City of Richmond 2014 Annual Report
Richmond City CouncilAs of December 1, 2014
Front row, left to right: Councillor Carol Day,Councillor Bill McNulty,Mayor Malcolm Brodie,Councillor Linda McPhail,Councillor Harold Steves
Back row, left to right:Constable Adam Carmichael, Richmond RCMP,Councillor Chak Au,Councillor Derek Dang,Councillor Ken Johnston,Councillor Alexa Loo,Captain Jack Beetstra,Richmond Fire-Rescue
Prior to December 1, 2014
Front row, left to right: Councillor Linda Barnes,Councillor Bill McNulty,Mayor Malcolm Brodie,Councillor Linda McPhail,Councillor Harold Steves
Back row, left to right:Captain Dave Cullen,Richmond Fire-Rescue (retired),Councillor Chak Au,Councillor Derek Dang,Councillor Evelina Halsey-Brandt,Councillor Ken Johnston,Constable Melissa Lui,Richmond RCMP
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4City of Richmond 2014 Annual Report
City of Richmond organizational chartChief Administrative Offi ce
George Duncan, CAO
Deputy Chief Administrative Office
Joe Erceg, Deputy CAO
Community Services Engineering and Public Works Finance and Corporate Services
Dave Semple, GM
Cathy Volkering Carlile, GM
Robert Gonzalez, GM Andrew Nazareth, GM
Law and Community Safety Planning and Development
Phyllis Carlyle, GM Joe Erceg, GM
Civic offi cials as of December 31, 2014Chief Administrative Officer ....................................................... George DuncanDeputy Chief Administrative Officer ........................................... Joe Erceg General Manager, Community Services ...................................... Cathy Volkering CarlileGeneral Manager, Community Services ...................................... Dave SempleGeneral Manager, Engineering and Public Works ....................... Robert GonzalezGeneral Manager, Finance and Corporate Services ..................... Andrew NazarethGeneral Manager, Law and Community Safety ........................... Phyllis CarlyleGeneral Manager, Planning and Development ............................ Joe ErcegDirector, City Clerk’s Office ......................................................... David WeberCity Solicitor .............................................................................. Doug LongChief, Richmond Fire-Rescue ...................................................... John McGowanOfficer in Charge, Royal Canadian Mounted Police .................... Rendall NessettChief Operating Officer, Richmond Olympic Oval ....................... John MillsChief Librarian, Richmond Public Library ..................................... Greg BussChief Executive Officer, Lulu Island Energy Corporation .............. Robert Gonzalez
Banker AuditorsScotiabank KPMG
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5City of Richmond 2014 Annual Report
Message from the ChiefAdministrative Offi cer
It is my pleasure to present the City of Richmond’s 2014 Annual Report, which documents another extraordinary year of achievement for our administration, along with the continued strong financial position of the City.
2014 saw the City undertake a record Capital budget of $192.1 million as we moved to replace aging infrastructure and meet the emerging public amenity needs of our community. The budget included funding for an extraordinary $124.1 million major facilities building program, which includes a new main fire hall, a new City Centre Community Centre and the Minoru Complex, which will house an aquatic centre, older adults centre and provide other recreation and sport program space. This ambitious program was undertaken with minimal impact on property taxes through
funding from our carefully-nurtured reserve funds and judicious borrowing to take advantage of low interest rates.
The past year was also extraordinary for the recognition received by the City of Richmond. Our organization received more than 15 awards from local, national and international organizations honouring our commitment to innovation, excellence and sustainability. Of particular note was an award from my peers in the Canadian Association of Municipal Administrators (CAMA) for Richmond’s Corporate Programs Management Group (CPMG). This innovative, homegrown program provides accelerated training and professional development opportunities for the City’s next generation of leaders, while creating capacity to support implementation of priority initiatives. The winner of CAMA’s 2014 Professional Development Award, the CPMG program has become the inspiration and model for other local governments.
Richmond also continues to be highly committed to using an entrepreneurial approach to address community needs and objectives. This includes forming new lines of business, such as Lulu Island Energy Company, a district energy utility, to achieve our goals. The City-owned Richmond Olympic Oval Corporation continues to be hugely successful as it manages Richmond’s world class, Olympic legacy facility. Innovative new partnerships were formed by the Oval Corporation in 2014 to support development of the Richmond Olympic Experience, which will open in 2015, as a major new regional tourist attraction.
The achievements outlined in this Annual Report become a new benchmark for our City. Richmond remains committed to continuous improvement and to raising the bar ever higher in fulfilling our vision for Richmond to be the most appealing, livable and well-managed community in Canada.
George DuncanChief Administrative Officer
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6City of Richmond 2014 Annual Report
Council approved the next phase of expansion for Richmond’s award-winning Alexandra District Energy Utility.
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7City of Richmond 2014 Annual Report
As a City we are constantly striving to raise the bar in the quality and quantity of services we provide our community. We seek to excel in community engagement and local government management and leadership. One of the ways we measure our success is through the awards and recognition we receive from our peers and others. 2014 was a remarkable year on this front.• Richmond’s innovative and successful foray into
district energy produced four awards for the Alexandra District Energy Utility (ADEU) project; including:- National Energy Globe Award for Canada.
This is an international award competition and the ADEU was selected as best project in Canada;
- 2014 Canadian Geo-exchange Coalition Excellence Award;
- Community Planning and Development Award from the Community Energy Association; and
- 2014 Sustainability Award from the Association of Professional Engineers and Geoscientists of BC 2014.
• The Excellence on the Waterfront Award from the Washington DC-based Waterfront Center for the Richmond Middle Arm Park and Greenway.
• The 2014 CAMA Professional Development Award for the Corporate Programs Management Group (CPMG) leadership development program.
• The inaugural Culture Days National Marketing Award for promotion of the annual nation-wide event. Richmond was also ranked as the top Regional or Belt City for Culture Days based on the number of activities scheduled for the annual event locally.
• An Honourable Mention in the Federation of Canadian Municipalities 2015 Sustainable Communities Awards for Neighbourhood Development for our City Centre Neighbourhood Development Action Plan.
• A 2014 Wood WORKS! BC Community Recognition Award for the City’s commitment to promoting the use of wood in civic projects.
• Western Investor magazine selected Richmond as the best city for real estate investment in Western Canada.
• Silver Leaf (national) and Bronze Quill (provincial) Awards of Excellence from the International Association of Business Communicators for the communications campaign developed in support of the Green Cart program launch.
• A Distinguished Systems Award from the Urban and Regional Information Systems Association (URISA) for innovation related to the City’s GIS tool.
• Richmond’s Economic Development Office received an honourable mention in the reputable Site Selection magazine in its annual Top 10 ranking of Canadian local and regional economic development programs.
• A Leadership Excellence Award from BC Hydro’s Power Smart Excellence Awards for achievements in energy efficiency.
• A Richmond Chinese Community Society (RCCS) Community Award recognizing the City’s contributions to community livability and its ongoing support of the RCCS.
• A Most Business Friendly Award from NAIOP Vancouver recognizing Richmond for excelling in creating environments positive to business creation through its green building initiatives.
• The City was awarded for best, innovative use of the AirWatch Secure Content Locker tool to internally distribute Council agendas and other documents to mobile devices.
• Richmond Sport Hosting was nominated as one of three finalists for the Sport Hosting Organization of the Year in the Canadian Sport Tourism Alliance (CSTA) 2014 PRESTIGE Awards.
• Two awards were received from the Government Finance Officers Association for the 2013 Annual Report:- Canadian Award for Financial Reporting,
which Richmond received for a 12th consecutive year.
- Outstanding Achievement in Popular Annual Financial Reporting, which we received for a 5th consecutive year.
2014 Awards
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8City of Richmond 2014 Annual Report
Council Term Goals and Objectives: 2011 to 2014
The Community Charter requires that all BC municipalities include a statement in the Annual Report of their objectives for the current and future years, along with measures to track success towards these objectives.
The City of Richmond’s objectives and success indicators are expressed through the Council Term Goals for 2011-2014. At the beginning of each new term of Council, a term goal setting process is undertaken to help Council fulfil its governance role and achieve a successful term of office. This process is an integral part of City operations, helping to ensure the effective use of public resources by providing clear direction and guidance for City work programs. These goals are set based on an extensive review of issues, opportunities and trends affecting City business, and provide a sound framework for evaluating and monitoring the organization’s progress towards achieving its vision “to be the most appealing, livable and well managed community in Canada.”
1. Community SafetyTo ensure Richmond remains a safe and desirable community to live, work and play in, through the delivery of effective public safety services that are targeted to the City’s specific needs and priorities.
2014 AchievementRichmond RCMP introduced online crime reporting via the City’s website. This innovative new service makes it simpler and quicker for residents to report many crimes. A new Crime Prevention Guide was also launched, helping citizens take greater responsibility in combatting crime.
2. Community Social ServicesTo develop and implement an updated social services strategy that clearly articulates and communicates the City’s roles, priorities and limitations with respect to social services issues and needs.
2014 AchievementRichmond is doubling the number of child care spaces offered in City-owned facilities, adding more than 200 new spaces over the next few years. The new Cranberry Children’s Centre opened in the Hamilton area in 2014.
3. Economic DevelopmentTo enhance the City’s economic well being and financial sustainability through the development and implementation of strategies and initiatives that lead to long-term business retention, expansion and attraction by clearly defining the businesses and industries we want to attract and retain; placing a stronger focus on tourism and Asia Pacific Gateway business development opportunities; and incorporating a broad business community engagement model.
2014 AchievementThe City adopted a new Resilient Economy Strategy in 2014. The strategy identifies priority initiatives, focuses efforts on key economic sectors and emphasizes both business expansion and retention.
Cranberry Children’s Centre
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9City of Richmond 2014 Annual Report
4. Facility DevelopmentTo ensure that quality public facilities and amenities in Richmond keep pace with the rate of growth, the City is implementing an updated comprehensive Facility Development Plan. This plan includes an analysis of required new facilities and the recommended timing, financial strategies and public process for implementing the plan.
2014 AchievementPreliminary design was completed and approved for the new multipurpose Minoru Complex and new No. 1 and No. 3 Fire Halls. The complex will replace aging facilities with a new and expanded aquatic centre, older adults centre and additional sports and recreation program space. When the new fire halls are completed by 2017, all the City’s public safety buildings will be post-disaster rated.
5. Financial ManagementTo develop and implement effective and innovative financial policies and strategies that help the City to successfully manage the challenges of tough economic times, while taking advantage of financial opportunities, and balance current and long term financial needs.
2014 AchievementThe City continued to strengthen its financial condition and position in 2014. The City’s net worth reached $2.6 billion. Cash and investments increased to $864.7 million. Net financial assets increased to $602.6 million, up from $549 million in 2013.
6. Intergovernmental RelationsTo strengthen relationships with other levels of government and government agencies to ensure City needs and priorities are well represented, understood and proactively advanced.
2014 AchievementThe City secured about $2 million in funding from the provincial and federal governments to build a new Bath Slough Pump Station. The $4.2 million pump station is an important link in Richmond’s flood protection, drainage and irrigation network.
Minoru Complex
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10City of Richmond 2014 Annual Report
7. Managing Growth and DevelopmentTo ensure effective growth management for the City, including the adequate provision of facility, service and amenity requirements associated with growth.
2014 AchievementCouncil approved a master plan for the Garden City Lands, ensuring the important 136.5-acre parcel adjoining the City Centre is preserved as park and green space for community use.
8. SustainabilityTo demonstrate leadership in sustainability through continued implementation of the City’s Sustainability Framework.
2014 AchievementThe City continued to expand its recycling and waste diversion programs, with expanded curbside collection of various recyclables and approval of plans to provide organics recycling collection for multi-family residences. Residents in single-family homes achieved 71 per cent waste diversion — well ahead of the regional goal of achieving 70 per cent diversion by 2015.
2014 AchievementCouncil adopted an updated Sustainable High Performance Building Policy, which ensures that new City buildings are built to meet high standards for environmentally sustainable design and construction.
9. Arts and CultureTo continue to support the development of a thriving, resilient and diverse cultural sector and related initiatives in creating a vibrant healthy and sustainable City.
2014 AchievementRichmond received the first national Marketing Awards for Culture Days. Since its inception, Richmond has been a national leader in promoting and participating in the annual Culture Days events, which encourages communities across the country to build support for the arts.
10. Community WellnessTo continue to collaborate with community organizations and agencies to optimize resources in the implementation of the City’s adopted Wellness Strategy.
2014 AchievementThe Terra Nova Adventure Play Environment was officially opened. Designed to integrate with the natural park surroundings, the innovative play area features a wide variety of unique and exciting play experiences for youth.
2014 AchievementThe Railway Greenway was officially opened, turning an abandoned railway corridor into a vibrant new transportation link that encourages residents to walk, run and cycle between neighbourhoods or across the island.
Recycling program expanded
Garden City Lands master plan approved
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11City of Richmond 2014 Annual Report
11. Municipal Infrastructure ImprovementTo continue to invest in the City’s infrastructure networks and systems in a manner that meets community needs and responds to the issues of aging components of the system, growth related capacity issues and the requirements due to changing climate and environmental impacts.
2014 AchievementThe City invested nearly $10 million in 2014 in improvements to Richmond’s flood protection network. This included construction of the new Montrose pump station and major retrofit of the Woodward pump station.
12. Waterfront EnhancementTo place greater emphasis on protecting and enhancing the City’s waterfront while successfully integrating a balance between urban development, public access and events, and a healthy river environment.
2014 AchievementShips to Shore Steveston set a new record for attendance in 2014 with more than 35,000 enjoying the popular annual celebration. The 2014 festival included the debut of Canada Day fireworks over the Steveston Channel.
13. A Well Informed PublicTo ensure a well informed public regarding Council priorities, activities and achievements.
2014 AchievementCouncil meetings became more accessible to the public through the introduction of live streaming of Council meetings. Viewers can now watch meetings live online or access archived video post-meeting.
2014 AchievementThe City introduced two new mobile applications to improve public access to information. The RichmondBC application allows users to readily access in-depth information about programs and events at City facilities. The Richmond Election app provided users with extensive information and interactive services related to the civic election.
Additional information on the success indicators in support of these objectives can be found at:
www.richmond.ca/cityhall/council/goals
Railway Greenway
RichmondBC app
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12City of Richmond 2014 Annual Report
Report from the General Manager,Finance and Corporate ServicesI am pleased to submit the City of Richmond’s consolidated financial statements for the year ended December 31, 2014 pursuant to Section 167 of the Community Charter. The financial statements reflect a consolidation of the financial position and operating results for the City of Richmond, Lulu Island Energy Company Ltd., Richmond Olympic Oval Corporation and the Richmond Public Library. I disclose that management is responsible for the financial statements.
The external auditors, KPMG LLP, conducted an independent examination and have expressed their opinion that the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the City of Richmond as at December 31, 2014 in accordance with Canadian public sector accounting standards.
The City continued to strengthen its financial condition and position in 2014. The City’s net worth reached $2.6B (2013: $2.4B) and cash and investments increased to $864.7M (2013: $754.5M). Net financial assets increased to $602.6M (2013: $549.0M). The City’s 2014 revenues were $484.8M (2013: $454.9M) and expenses were $360.9M (2013: $328.6M). The revenue increases were mainly due to a substantial gain on disposal of land, taxation and utility fees, external funding for capital construction and gaming revenues. The expense increases were mainly due to significant contributions for affordable housing, policing and recycling contract costs and settlement of the Richmond Fire Rescue wage agreement.
Statutory reserves increased to $374.9M (2013: $353.8M). Net debt outstanding was $50.8M as the City undertook its first external borrowing in more than two decades to take advantage of low interest rates to partially finance the new Minoru complex that is currently under construction. This debt will be repaid using casino revenues over the next decade so that there will be no direct borrowing impact on property taxes.
City Council’s focus on long term planning guided by its Long Term Financial Management Strategy has helped place the City in a strong financial position. Meanwhile, the City’s success in creating a positive economic development climate was recognized by the Western Investor magazine, which named Richmond as the best City for investment in Western Canada in 2014. The City was also recognized by the Government Finance Officers Association with two awards for our annual financial reporting.
The outlook is exciting as we will continue to focus on innovation in serving our community. We are rethinking how we digitally operate and provide services to the community. As we change, customers will be able to request a service, report a concern or easily find the information they are looking for. Our goal is to integrate all our systems in a ‘customer first’ manner that will make their dealings with the City more efficient. In addition, services will be delivered through a new customer portal and we have begun our journey down this path with the release of the RichmondBC Mobile App. In addition, Council has committed to providing free Wi-Fi services in community centres, arenas and select parks. Council meetings are now live-streamed and recorded on the City’s website. Overall, we will strive to always provide best value for our customers while ensuring that the City remains flexible and financially sustainable.
Andrew Nazareth, BEc, CGAGeneral Manager, Finance and Corporate ServicesMay 13, 2015
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13City of Richmond 2014 Annual Report
City of Richmond audited fi nancial statementsYear ended December 31, 2014
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14City of Richmond 2014 Annual Report
KPMG LLP Chartered Accountants Metrotower II Suite 2400 – 4720 Kingsway Burnaby BC V5H 4N2 Canada
Telephone (604) 527-3600 Fax (604) 527-3636 Internet www.kpmg.ca
INDEPENDENT AUDITORS' REPORT To the Mayor and Council
We have audited the accompanying consolidated financial statements of the City of Richmond, which comprise the consolidated statement of financial position as at December 31, 2014 and the consolidated statements of operations, changes in net financial assets and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the City of Richmond as at December 31, 2014, and its consolidated results of operations, its changes in net consolidated financial assets and its consolidated cash flows for the year then ended in accordance with Canadian public sector accounting standards.
Chartered Accountants
May 11, 2015
Burnaby, Canada
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15City of Richmond 2014 Annual Report
CITY OF RICHMOND Consolidated Statement of Financial Position (Expressed in thousands of dollars)
December 31, 2014, with comparative figures for 2013
2014 2013
Financial Assets Cash and cash equivalents $ 22,053 $ 38,368 Investments (note 3) 842,642 716,114 Accrued interest receivable 5,363 3,224 Accounts receivable (note 4) 28,071 19,422 Taxes receivable 7,481 9,447 Development fees receivable 25,360 21,405 Debt reserve fund - deposits (note 5) 708 200 931,678 808,180
LiabilitiesAccounts payable and accrued liabilities (note 6) 88,331 83,204 Development cost charges (note 7) 82,965 87,212 Deposits and holdbacks (note 8) 65,103 51,841 Deferred revenue (note 9) 41,823 35,870 Debt, net of MFA sinking fund deposits (note 10) 50,815 1,056 329,037 259,183
Net financial assets 602,641 548,997
Non-Financial Assets Tangible capital assets (note 11) 1,947,102 1,877,298 Inventory of materials and supplies 2,415 2,363 Prepaid expenses 1,950 1,594 1,951,467 1,881,255
Accumulated surplus (note 12) $ 2,554,108 $ 2,430,252
Commitments and contingencies (note 16)
See accompanying notes to consolidated financial statements.
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16City of Richmond 2014 Annual Report
CITY OF RICHMOND Consolidated Statement of Operations (Expressed in thousands of dollars)
Year ended December 31, 2014, with comparative figures for 2013
Budget 2014 2014 2013 (notes 2(m) and 22) Revenue:
Taxation and levies $ 183,822 $ 183,687 $ 176,283 Utility fees 90,428 93,201 90,540 Sales of services 28,707 32,809 34,959 Payments-in-lieu of taxes 13,473 14,546 14,406 Provincial and federal grants 6,782 7,480 7,092 Development cost charges 18,765 11,730 Other capital funding sources 192,122 51,667 55,542 Other revenues:
Investment income 16,790 16,568 13,490 Gaming revenue 14,908 21,047 17,632 Licenses and permits 7,704 9,819 9,241 Other (note 19) 57,393 35,194 23,947
612,129 484,783 454,862
Expenses: Law and Community safety 87,025 83,820 77,649 Utilities: water, sewer and sanitation 78,108 79,552 75,134 Engineering, public works and project development 55,369 55,899 53,268 Community services 52,021 65,137 49,753 General government 50,754 42,582 41,061 Planning and development 12,806 13,301 11,854 Richmond Olympic Oval 11,565 11,065 10,509 Library services 9,590 9,563 9,390 Lulu Island Energy Company - 8 - 357,238 360,927 328,618
Annual surplus 254,891 123,856 126,244
Accumulated surplus, beginning of year 2,430,252 2,430,252 2,304,008
Accumulated surplus, end of year $ 2,685,143 $ 2,554,108 $ 2,430,252
See accompanying notes to consolidated financial statements.
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17City of Richmond 2014 Annual Report
CITY OF RICHMOND Consolidated Statement of Changes in Net Financial Assets (Expressed in thousands of dollars)
Year ended December 31, 2014, with comparative figures for 2013
2014 budget 2014 2013 (notes 2(m) and 22)
Surplus for the year $ 254,891 $ 123,856 $ 126,244
Acquisition of tangible capital assets (192,122) (78,946) (47,447) Acquired tangible capital assets from developers (43,835) (50,887) Amortization of tangible capital assets 51,433 52,106 50,334 Gain on disposal of tangible capital assets - (13,744) (3,590) Proceeds on sale of tangible capital assets - 14,615 4,911 114,202 54,052 79,565
Acquisition of inventories of supplies - (2,415) (2,363) Acquisition of prepaid expenses - (1,950) (1,594) Consumption of inventories of supplies - 2,363 2,276 Use of prepaid expenses - 1,594 1,954
Change in net financial assets 114,202 53,644 79,838
Net financial assets, beginning of year 548,997 548,997 469,159
Net financial assets, end of year $ 663,199 $ 602,641 $ 548,997
See accompanying notes to consolidated financial statements.
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18City of Richmond 2014 Annual Report
CITY OF RICHMOND Consolidated Statement of Cash Flows (Expressed in thousands of dollars)
Year ended December 31, 2014, with comparative figures for 2013
2014 2013
Cash provided by (used in):
Operations: Annual surplus $ 123,856 $ 126,244 Items not involving cash:
Amortization 52,106 50,334 (Gain) on disposal of tangible capital assets (13,744) (3,590) Contributions of tangible capital assets (43,835) (50,887)
Change in non-cash operating working capital: Increase in accrued interest receivable (2,139) (102) (Increase) decrease in accounts receivable (8,649) 3,057 Decrease (increase) in taxes receivable 1,966 (349) Increase in development fees receivable (3,955) (8,482) (Increase) decrease in debt reserve fund (508) 186 (Increase) decrease in prepaid expenses (356) 360 Increase in inventories of supplies (52) (87) Increase in accounts payable and accrued liabilities 5,157 7,821 Increase in deposits and holdbacks 13,262 11,172 Increase (decrease) in deferred revenue 5,953 (1,437) (Decrease) increase in development cost charges (4,247) 24,665
Net change in cash from operating activities 124,815 158,905
Capital activities: Cash used to acquire tangible capital assets (78,945) (47,447) Proceeds on disposal of tangible capital assets 14,614 4,911 Net change in cash from capital activities (64,331) (42,536)
Financing activities: Increase (decrease) in debt 49,759 (2,432) Principal payments on obligations under capital leases (30) (48) Net change in cash from financing activities 49,729 (2,480)
Investing activities: (Decrease) in investments (126,528) (125,153)
Net change in cash and cash equivalents (16,315) (11,264)
Cash and cash equivalents, beginning of year 38,368 49,632
Cash and cash equivalents, end of year $ 22,053 $ 38,368
See accompanying notes to consolidated financial statements.
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19City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
1. Operations:
The City of Richmond (the “City”) is incorporated under the Local Government Act of British Columbia. The City’s principal activities include the provision of local government services to residents of the incorporated area. These include administrative, protective, transportation, environmental, recreational, water, and sewer.
2. Significant accounting policies:
The consolidated financial statements of the City are the representation of management prepared in accordance with Canadian generally accepted accounting principles as prescribed by the Public Sector Accounting Board (“PSAB”) of the Chartered Professional Accountants of Canada.
(a) Basis of consolidation:
The consolidated financial statements reflect a combination of the City’s General Revenue, General Capital and Loan, Waterworks and Sewerworks, and Reserve Funds consolidated with the Richmond Public Library (the “Library”), the Richmond Olympic Oval and the Lulu Island Energy Company Ltd. (LIEC). The Library is consolidated as the Library Board is appointed by the City. The Richmond Olympic Oval and LIEC are consolidated as they are wholly owned municipal corporations of the City and operate as other government organizations. Inter-fund transactions, fund balances and activities have been eliminated on consolidation.
(i) General Revenue Fund:
This fund is used to account for the current operations of the City as provided for in the Annual Budget, including collection of taxes, administering operations, policing, and servicing general debt.
(ii) General Capital and Loan Fund:
This fund is used to record the City's tangible capital assets and work-in-progress, including engineering structures such as roads and bridges, and the related long-term debt.
(iii) Waterworks and Sewerworks Funds:
These funds have been established to cover the costs of operating these utilities, with related capital and loan funds to record the related capital assets and long-term debt.
(iv) Reserve Funds:
Certain funds are established by bylaws for specific purposes. They are funded primarily by budgeted contributions from the General Revenue Fund and developer contributions plus interest earned on fund balances.
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20City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
2. Significant accounting policies (continued):
(b) Basis of accounting:
The City follows the accrual method of accounting for revenues and expenses. Revenues are recognized in the year in which they are earned and measurable. Expenses are recognized as they are incurred and measurable as a result of receipt of goods and services and/or the creation of a legal obligation to pay.
(c) Government transfers:
Restricted transfers from governments are deferred and recognized as revenue as the related expenditures are incurred or the stipulations in the related agreement are met. Unrestricted transfers are recognized as revenue when received or if the amount to be received can be reasonably estimated and collection is reasonably assured.
(d) Cash and cash equivalents:
Cash and cash equivalents consist of cash, highly liquid money market investments and short-term investments with maturities of less than 90 days from date of acquisition.
(e) Investments:
Investments are recorded at cost, adjusted for amortization of premiums or discounts. Provisions for losses are recorded when they are considered to be other than temporary. At various times during the term of each individual investment, market value may be less than cost. Such declines in value are considered temporary for investments with known maturity dates as they generally reverse as the investments mature and therefore an adjustment to market value for these market declines is not recorded.
(f) Accounts receivable:
Accounts receivable are net of an allowance for doubtful accounts and therefore represent amounts expected to be collected.
(g) Development cost charges:
Development cost charges are restricted by legislation to expenditures on capital infrastructure. These amounts are deferred upon receipt and recognized as revenue when the expenditures are incurred in accordance with the restrictions.
(h) Post-employment benefits:
The City and its employees make contributions to the Municipal Pension Plan. As this plan is a multi-employee plan, contributions are expensed as incurred.
Post-employment benefits also accrue to the City’s employees. The liabilities related to these benefits are actuarially determined based on service and best estimates of retirement ages and expected future salary and wage increases. The liabilities under these benefits plans are accrued based on projected benefits prorated as employees render services necessary to earn the future benefits.
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21City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
2. Significant accounting policies (continued):
(i) Non-financial assets:
Non-financial assets are not available to discharge existing liabilities and are held for use in the provision of services. They have useful lives extending beyond the current year and are not intended for sale in the ordinary course of operations.
(i) Tangible capital assets:
Tangible capital assets are recorded at cost, which includes amounts that are directly attributable to acquisition, construction, development, or betterment of the assets. The cost, less the residual value, of the tangible capital assets, excluding land are amortized on a straight line basis over their estimated useful lives as follows:
Asset Useful life - years
Buildings and building improvements 10 - 75 Infrastructure 5 - 100 Vehicles, machinery and equipment 3 - 40 Library’s collections, furniture and equipment 4 - 20
Amortization is charged over the asset’s useful life commencing when the asset is acquired. Assets under construction are not amortized until the asset is available for productive use.
(ii) Contributions of tangible capital assets:
Tangible capital assets received as contributions are recorded at their fair value at the date of receipt and also are recorded as revenue.
(iii) Natural resources:
Natural resources that have been purchased are not recognized as assets in the financial statements.
(iv) Works of art and cultural and historic assets:
Works of art and cultural and historic assets are not recorded as assets in these financial statements.
(v) Interest capitalization:
The City does not capitalize interest costs associated with the construction of a tangible capital asset.
(vi) Labour capitalization:
Internal labour directly attributable to the construction, development or implementation of a tangible capital asset is capitalized.
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22City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
2. Significant accounting policies (continued):
(i) Non-financial assets (continued):
(vii) Leased tangible capital assets:
Leases which transfer substantially all of the benefits and risks incidental to ownership of property are accounted for as leased tangible capital assets. All other leases are accounted for as operating leases and the related payments are charged to expenses as incurred.
(viii)Impairment of tangible capital assets:
Tangible capital assets are written down when conditions indicate that they no longer contribute to the Company’s ability to provide goods and services, or when the value of future economic benefits associated with the tangible capital assets are less than their net book value. The net write-downs are accounted for as expenses in the statement of operations.
(ix) Inventory of materials and supplies:
Inventory is recorded at cost, net of an allowance for obsolete stock. Cost is determined on a weighted average basis.
(j) Revenue recognition:
Revenues are recognized in the period in which the transactions or events occurred that gave rise to the revenues. All revenues are recorded on an accrual basis, except when the accruals cannot be determined with a reasonable degree of certainty or when their estimation is impractical.
The City is required to act as the agent for the collection of certain taxes and fees imposed by other authorities. Collections for other authorities are excluded from the City’s taxation revenues.
(k) Deferred revenue:
The City defers a portion of the revenue collected from permits, licenses and other fees and recognizes this revenue in the year in which related inspections are performed or other related expenditures are incurred.
(l) Deposits:
Receipts restricted by the legislation of senior governments or by agreement with external parties are deferred and reported as deposits and are refundable under certain circumstances. When qualifying expenditures are incurred, deposits are recognized as revenue at amounts equal to the qualifying expenditures.
(m) Debt:
Debt is recorded net of related sinking fund balances.
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23City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
2. Significant accounting policies (continued):
(n) Budget information:
Budget information, presented on a basis consistent with that used for actual results, was included in the City of Richmond’s Five Year Financial Plan and was originally adopted through Bylaw No. 9100 on February 24, 2014.
(o) Use of accounting estimates:
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expenditures during the reporting period. Significant areas requiring the use of management estimates relate to the value of contributed tangible capital assets, value of developer contributions, useful lives for amortization, determination of provisions for accrued liabilities, performing actuarial valuation of employee future benefits, allowance for doubtful accounts, and provision for contingencies. Actual results could differ from those estimates. Adjustments, if any, will be reflected in the financial statements in the period that the change in estimate is made, as well as in the period of settlement if the amount is different.
(p) Segment disclosures:
A segment is defined as a distinguishable activity of group of activities of a government for which it is appropriate to separately report financial information to achieve the objectives of the standard. The City of Richmond has provided definitions of segments used by the City as well as presented financial information in segment format (note 21).
(q) Public-private partnership projects:
Public-private partnership (“P3”) projects are delivered by private sector partners selected to design, build, finance, and maintain the assets. The cost of the assets under construction are estimated at fair value, based on construction progress billings and also includes other costs, if any, incurred directly by the City.
The asset cost includes development costs estimated at fair value. Interest during construction is not included in the asset cost. When available for operations, the project assets are amortized over their estimated useful lives. Correspondingly, an obligation for the cost of capital and financing received to date, net of the contributions received is recorded as a liability and included as debt on the statement of financial position.
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24City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
3. Investments:
2014 2013 Market Market Cost value Cost value
Short-term notes and deposits $ 298,737 $ 298,768 $ 205,162 $ 205,186 Government and government
guaranteed bonds 261,847 265,941 442,963 444,447 Municipal Finance Authority
Pooled Investment 22,527 22,527 22,033 22,033 Other Bonds 259,531 261,176 45,956 47,100
$ 842,642 $ 848,412 $ 716,114 $ 718,766
4. Accounts receivable:
2014 2013
Water and sewer utilities $ 10,358 $ 8,949 Casino revenues 5,652 4,292 Capital grant 4,279 1,350 Other trade receivables 7,782 4,831
$ 28,071 $ 19,422
5. Debt reserve fund deposits and contingent demand notes:
The City issues its debt instruments through the Municipal Finance Authority (the “MFA”). As a condition of these borrowings, a portion of the debenture proceeds is withheld by the MFA in a Debt Reserve Fund. The City also executes demand notes in connection with each debenture whereby the City may be required to loan certain amounts to the MFA. These demand notes are contingent in nature and are not reflected in the City’s accounts. The details of the cash deposits and contingent demand notes at December 31, 2014 are as follows:
Contingent Cash demand deposits notes
General Revenue Fund $ 708 $ 2,447
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25City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
6. Accounts payable and accrued liabilities:
2014 2013
Trade and other liabilities $ 57,576 $ 53,162 Post-employment benefits (note 14) 30,755 30,042
$ 88,331 $ 83,204
7. Development cost charges:
2014 2013
Balance, beginning of year $ 87,212 $ 62,547 Contributions 13,313 35,424 Interest 1,205 971 Revenue recognized (18,765) (11,730)
Balance, end of year $ 82,965 $ 87,212
8. Deposits and holdbacks:
Balance Balance December 31, Deposit Refund December 31, 2013 contributions expenditures 2014
Security deposits $ 35,859 $ 20,727 $ 8,209 $ 48,377 Developer contribution 6,164 124 951 5,337 Contract holdbacks 1,598 2,225 1,855 1,968 Transit Oriented Development Fund 1,523 - - 1,523 Other 6,697 5,200 3,999 7,898
$ 51,841 $ 28,276 $ 15,014 $ 65,103
9. Deferred revenue:
Deferred revenue represents revenues that are collected but not earned as of December 31, 2014. These revenues will be recognized in future periods as they are earned. Deferred revenue also represents funds received from external parties for specified purposes. These revenues are recognized in the period in which the related expenses are incurred.
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26City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
9. Deferred revenue (continued):
Balance External Balance December 31, restricted Revenue December 31, 2013 inflows earned 2014
Taxes and Utilities $ 16,843 $ 19,983 $ 18,369 $ 18,457 Building permits/business licenses 9,235 5,855 5,206 9,884 Capital grants 3,187 6,844 6,560 3,471 Parking easement/leased land 2,409 47 43 2,413 Other 4,196 3,994 592 7,598
$ 35,870 $ 36,723 $ 30,770 $ 41,823
10. Debt:
The rates of interest on the principal amount of the MFA debentures vary between 3.15% and 3.30% per annum. The average rate of interest for the year ended December 31, 2014 approximates 3.30%.
The City obtains debt instruments through the MFA pursuant to security issuing bylaws under authority of the Community Charter to finance certain capital expenditures.
Gross amount for the debt less principal payments and actuarial adjustments to date are as follows:
Gross Repayments Net Net amount and actuarial debt debt borrowed adjustments 2014 2013
General Fund $ 70,815 $ 20,000 $ 50,815 $ 1,056
$ 70,815 $ 20,000 $ 50,815 $ 1,056
Repayments on net outstanding debenture debt over the next year are as follows:
General Fund Total
2015 4,232 4,232 2016 4,402 4,402 2017 4,578 4,578 2018 4,761 4,761 2019 4,951 4,951
$ 22,924 $ 22,924
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27City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
11. Tangible capital assets:
Balance at Balance at December 31, Additions December 31, Cost 2013 and transfers Disposals 2014
Land $ 671,922 $ 51,846 $ (10) $ 723,758 Buildings and building
improvements 352,937 8,029 - 360,966 Infrastructure 1,561,056 30,109 (5,439) 1,585,726 Vehicles, machinery and
equipment 93,386 7,485 (2,812) 98,059 Library’s collections, furniture and
equipment 9,391 1,320 (1,452) 9,259 Assets under construction 42,232 23,991 - 66,223
$ 2,730,924 $ 122,780 $ (9,713) $ 2,843,991
Balance at Balance at December 31, Amortization December 31, Accumulated amortization 2013 Disposals expense 2014
Buildings and building improvements $ 115,392 $ - $ 12,812 $ 128,204
Infrastructure 673,784 4,632 31,215 700,367 Vehicles, machinery and
equipment 59,894 2,785 6,385 63,494 Library’s collections, furniture and
equipment 4,556 1,426 1,694 4,824
$ 853,626 $ 8,843 $ 52,106 $ 896,889
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28City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
11. Tangible capital assets (continued):
Net book Net book value value December 31, December 31, 2014 2013
Land $ 723,758 $ 671,922 Buildings and building improvements 232,762 237,545 Infrastructure 885,359 887,272 Vehicles, machinery and equipment 34,565 33,492 Library’s collection, furniture and equipment 4,435 4,835 Assets under construction 66,223 42,232
Balance, end of year $ 1,947,102 $ 1,877,298
(a) Assets under construction:
Assets under construction having a value of approximately $66,223,263 (2013 - $42,231,645) have not been amortized. Amortization of these assets will commence when the asset is put into service.
(b) Contributed tangible capital assets:
Contributed tangible capital assets have been recognized at fair market value at the date of contribution. The value of contributed assets received during the year is approximately $43,834,556 (2013 - $50,887,000) comprised of infrastructure in the amount of approximately $18,937,542 (2013 - $10,934,000), land in the amount of approximately $24,897,014 (2013 - $38,892,000), and Library books in the amount of approximately nil (2013 – $971,000).
(c) Tangible capital assets disclosed at nominal values:
Where an estimate of fair value could not be made, the tangible capital asset was recognized at a nominal value.
(d) Works of Art and Historical Treasures:
The City manages and controls various works of art and non-operational historical cultural assets including building, artifacts, paintings, and sculptures located at City sites and public display areas. The assets are not recorded as tangible capital assets and are not amortized.
(e) Write-down of tangible capital assets:
There were no write-downs of tangible capital assets during the year (2013 - nil).
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29City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
12. Accumulated surplus: General
Funds and Reserve
Water Utility Fund
Sanitary Sewer
Utility Fund
Richmond Olympic
OvalLibrary
ServicesLulu Island
Energy 2014 Total 2013 Total
Investment in tangible capital assets 1,935,285$ -$ -$ 7,076$ 4,438$ -$ 1,946,799$ 1,876,184$Reserves (note 13) 372,274 - - 2,648 - - 374,922 353,805Appropriated Surplus 162,143 8,397 13,223 681 200 - 184,644 159,559Surplus 19,133 15,536 9,290 1,313 115 23 45,410 38,341Other equity 2,333 - - - 2,333 2,363 Balance, end of year 2,491,168$ 23,933$ 22,513$ 11,718$ 4,753$ 23$ 2,554,108$ 2,430,252$
13. Reserves:
Change 2013 during year 2014
Reserve funds: Affordable housing $ 20,696 $ (8,145) $ 12,551 Arts, culture and heritage 4,379 (17) 4,362 Capital building and infrastructure 46,394 9,257 55,651 Capital reserve 101,834 1,972 103,806 Capstan station 3,862 4,379 8,241 Child care development 2,696 (495) 2,201 Community legacy and land replacement 16,353 367 16,720 Drainage improvement 35,555 8,950 44,505 Equipment replacement 17,820 (579) 17,241 Leisure facilities 3,551 70 3,621 Local improvements 6,527 116 6,643 Neighborhood improvement 6,335 389 6,724 Public art program 2,282 272 2,554 Sanitary sewer 37,233 2,271 39,504 Steveston off-street parking 287 6 293 Steveston road ends 684 (61) 623 Waterfront improvement 104 555 659 Watermain replacement 42,481 3,894 46,375 Oval Capital Reserve 4,732 (2,084) 2,648
$ 353,805 $ 21,117 $ 374,922
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30City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
14. Post-employment benefits:
The City provides certain post-employment benefits, non-vested sick leave, compensated absences, and termination benefits to its employees.
2014 2013
Balance, beginning of year $ 30,042 $ 28,414 Current service cost 1,791 2,212 Interest cost 1,054 1,038 Amortization of actuarial loss 430 389 Benefits paid (2,562) (2,011)
Balance, end of year $ 30,755 $ 30,042
An actuarial valuation for these benefits was performed to determine the City’s accrued benefit obligation as at December 31, 2013 and the results are extrapolated to December 31, 2014. The difference between the actuarially determined accrued benefit obligation of approximately $29,201,000 and the liability of approximately $30,755,000 as at December 31, 2014 is an unamortized net actuarial gain of $1,554,000. This actuarial gain is being amortized over a period equal to the employees' average remaining service lifetime of 10 years.
2014 2013
Actuarial benefit obligation:
Liability, end of year $ 30,755 $ 30,042 Unamortized actuarial loss (gain) (1,554) 1,093
Balance, end of year $ 29,201 $ 31,135
Actuarial assumptions used to determine the City’s accrued benefit obligation are as follows:
2014 2013
Discount rate 3.10% 3.50% Expected future inflation rate 2.00% 2.00% Expected wage and salary range increases 2.50% 2.50%
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31City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
15. Pension plan:
The City and its employees contribute to the Municipal Pension Plan (the “Plan”), a jointly trusteed pension plan. The board of trustees, representing plan members and employers, is responsible for overseeing the management of the Plan, including the investment of the assets and administration of benefits. The Plan is a multi-employer contributory pension plan. Basic pension benefits provided are based on a formula. The Plan has about 182,000 active members and approximately 75,000 retired members. Active members include approximately 1,500 contributors from the City.
The most recent actuarial valuation as at December 31, 2012 indicated a $1,370 million funding deficit for basic pension benefits. The next valuation will be as at December 31, 2015 with results available in 2016. Employers participating in the Plan record their pension expense as the amount of employer contributions made during the year (defined contribution pension plan accounting). This is because Plan records accrued liabilities and accrued assets for the Plan in aggregate with the result that there is no consistent and reliable basis for allocating the obligation, assets and cost to individual employers participating in the Plan.
The City paid $10,649,936 (2013 - $10,311,445) for employer contributions to the Plan in fiscal 2014. Employees paid $8,780,321 (2013 - $8,677,397) for employee contributions to the Plan in fiscal 2013.
16. Commitments and contingencies:
(a) Joint and several liabilities:
The City has a contingent liability with respect to debentures of the Greater Vancouver Water District, Greater Vancouver Sewerage and Drainage District and Greater Vancouver Regional District, to the extent provided for in their respective Enabling Acts, Acts of Incorporation and Amending Acts. Management does not consider payment under this contingency to be likely and therefore no amounts have been accrued.
(b) Lease payments:
In addition to the obligations under capital leases, at December 31, 2014, the City was committed to operating lease payments for premises and equipment in the following approximate amounts:
2015 $ 4,654 2016 4,324 2017 4,215 2018 4,147 2019 and thereafter 17,847
City of Richmond audited financial statements
FIN - 44
32City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
16. Commitments and contingencies (continued):
(c) Litigation:
As at December 31, 2014, there were a number of claims or risk exposures in various stages of resolution. The City has made no specific provision for those where the outcome is presently not determinable.
(d) Municipal Insurance Association of British Columbia:
The City is a participant in the Municipal Insurance Association of British Columbia (the “Association”). Should the Association pay out claims in excess of premiums received, it is possible that the City, along with other participants, would be required to contribute towards the deficit. Management does not consider external payment under this contingency to be likely and therefore, no amounts have been accrued.
(e) Contractual obligation:
The City has entered into various contracts for services and construction with periods ranging beyond one year. These commitments are in accordance with budgets passed by Council.
On October 30, 2014, Lulu Island Energy Company Ltd. (LIEC) and Corix Utilities Inc. (“Corix”) entered into a 30 year Concession Agreement (the “Agreement”), where Corix will design, construct, finance, operate, and maintain the infrastructure for the district energy utility at the River Green community. The total estimated concession liability to finance the construction is $31,964,000 and will be accrued over time. As part of the agreement, the infrastructure will be owned by the LIEC.
In addition, on October 30, 2014, Corix and the City entered into a Limited Guarantee Agreement whereby the City agreed to guarantee the performance of LIEC’s obligations under the Concession Agreement described above up to a total of $18,000,000.
(f) E-Comm Emergency Communications for Southwest British Columbia (“E-Comm”):
The City is a shareholder of the Emergency Communications for Southwest British Columbia Incorporated (E-Comm) whose services provided include: regional 9-1-1 call centre for the Greater Vancouver Regional District; Wide Area Radio network; dispatch operations; and records management. The City has 2 Class A shares and 1 Class B share (of a total of 28 Class A and 23 Class B shares issued and outstanding as at December 31, 2013). As a Class A shareholder, the City shares in both funding the future operations and capital obligations of E-Comm (in accordance with a cost sharing formula), including any lease obligations committed to by E-Comm up to the shareholder’s withdrawal date.
City of Richmond audited financial statements
FIN - 45
33City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
16. Commitments and contingencies (continued):
(g) Community Associations:
The City has a close relationship with the various community associations which operate the community centers throughout the City. While they are separate legal entities, the City does generally provide the buildings and grounds for the use of the community associations as well as pay the operating costs of the facilities. Typically the community associations are responsible for providing programming and services to the community. The community associations retain all revenue which they receive. The City provides the core staff for the facilities as well as certain additional services such as information technology services.
17. Trusts:
Certain assets have been conveyed or assigned to the City to be administered as directed by agreement or statute. The City holds the assets for the benefit of and stands in fiduciary relationship to the beneficiary. The following trust fund is excluded from the City’s financial statements.
2014 2013
Richmond Community Associations $ 1,127 $ 1,107
18. Collections for other governments:
The City is obligated to collect certain taxation revenue on behalf of other government bodies. These funds are excluded from the City’s financial statements since they are not revenue of the City. Such taxes collected and remitted to the government bodies during the year are as follows:
2014 2013
Province of British Columbia - Schools $ 133,539 $ 133,660 Greater Vancouver Regional District and others 41,046 39,918
$ 174,585 $ 173,578
City of Richmond audited financial statements
FIN - 46
34City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
19. Other revenue:
2014 2013
Developer reserve contribution $ 10,382 $ 9,248 Tangible capital assets gain on land 14,419 4,024 Taxes and fines 2,844 2,433 Parking program 1,932 1,994 Debt funding 478 1,291 Sponsorship 217 188 Donation 73 1,022 Other 4,849 3,747
$ 35,194 $ 23,947
20. Government transfers:
Government transfers are received for operating and capital activities. The operating transfers consist of gaming revenue and provincial and federal grants. Capital transfers are included in other capital funding sources revenue. The sources of the government transfers are as follows:
2014 2013
Operating Province of BC $ 25,161 $ 21,319 TransLink 2,200 1,993 Government of Canada 1,166 1,412
Capital Government of Canada 2,742 2,132 TransLink 1,292 135 Province of BC 459 537
$ 33,020 $ 27,528
21. Segmented reporting:
The City of Richmond provides a wide variety of services to its residents. For segment disclosure, these services are grouped and reported under service areas/departments that are responsible for providing such services. They are as follows:
Law and Community Safety brings together the City's public safety providers such as Police(RCMP), Fire-Rescue, Emergency Programs, and Community Bylaws along with sections responsible for legal and regulatory matters. It is responsible for ensuring safe communities byproviding protection services with a focus on law enforcement, crime prevention, emergency response, protection of life and properties, and legal services.
City of Richmond audited financial statements
FIN - 47
35City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
21. Segmented reporting (continued):
Utilities provide such services as planning, designing, constructing, operating, and maintaining the City’s infrastructure of water and sewer networks and sanitation and recycling.
Engineering, Public Works and Project Development comprises of General Public Works, Roads and Construction, Storm Drainage, Fleet Operations, Engineering, Project Development, and Facility Management. The services provided are construction and maintenance of the City's infrastructure and all City owned buildings, maintenance of the City’s road networks, managing and operating a mixed fleet of vehicles, heavy equipment and an assortment of specialized work units for the City operations, development of current and long-range engineering planning and construction of major projects.
Community Services comprises of Parks, Recreation, Arts, Culture and Heritage Services and Community Social Development. These departments ensure recreation opportunities in Richmond by maintaining a variety of facilities such as arenas, community centres, pools, etc. It designs, constructs and maintains parks and sports fields to ensure, there is adequate open green space and sports fields available for Richmond residents. It also addresses the economic, arts, culture, and community issues that the City encounters.
General Government comprises of Mayor and Council, Corporate Administration, and Finance and Corporate Services. It is responsible for adopting bylaws, effectively administering city operations, levying taxes, providing sound management of human resources, information technology, and City finance, and ensuring high quality services to Richmond residents.
Planning and Development is responsible for land use plans, developing bylaws and policies for sustainable development in the City including the City’s transportation systems.
Richmond Olympic Oval is formed as a wholly owned subsidiary of the City. The City uses the Richmond Olympic Oval facility as a venue for a wide range of sports, business and community activities. The financial statements include the Oval’s 50% proportionate share of operations of VROX Sport Simulation Ltd (VROX). VROX is a government partnership established to develop, manufacture and sell sport simulators to the Richmond Olympic Experience and third party customers.
Richmond Public Library provides public access to information by maintaining 5 branches throughout the City.
Lulu Island Energy Company Ltd. (LIEC) was incorporated on August 19, 2013 under the Business Corporations Act of British Columbia as a municipal corporation wholly-owned by the City of Richmond for the management of district energy utilities.
City of Richmond audited financial statements
FIN - 48
36City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
21. Segmented reporting (continued):
Law and Community
SafetyUtilities
Engineering, public works
and project development
Community services
General government
Planning and development Total City
Revenues:Taxation and levies -$ -$ -$ -$ 183,687$ -$ 183,687$ User fees - 82,866 10,335 - - - 93,201 Sales of services 5,348 2,855 2,358 9,001 4,288 1,909 25,759 Payments-in-Lieu of taxes - - - - 14,546 - 14,546 Provincial and Federal Grants 84 14 2,312 20 2,339 28 4,797 Development cost charges - 950 2,749 1,883 12,297 886 18,765 Other Capital Funding Sources 8 3,526 20,503 2,474 24,898 169 51,578 Other revenue from own sources: Investment Income - 592 - - 15,976 - 16,568 Gaming revenue 628 - 1,400 - 19,019 - 21,047 Licenses and permits 246 - 75 - 3,743 5,724 9,788 Other 2,141 1,558 475 297 28,981 88 33,540
8,455 92,361 40,207 13,675 309,774 8,804 473,276
Expenditures:Wages and Salaries 38,415 10,978 20,625 28,357 20,250 9,982 128,607 Contract Services 40,764 7,252 2,262 2,873 3,241 1,209 57,601 Supplies and Materials 2,176 28,310 879 11,136 6,206 514 49,221 Amortization of tangible capital assets 2,380 7,347 22,617 5,309 11,408 978 50,039 Interest and Finance 32 18,984 - 3 2,336 - 21,355 Transfer from(to) capital for tangible capital assets 13 707 1,928 14,651 352 614 18,265 PW Maintenance 40 5,563 7,332 2,808 (1,211) 4 14,536 Loss(gain) on disposal of tangible capital assets - 411 256 - - 667
83,820 79,552 55,899 65,137 42,582 13,301 340,291
Annual surplus (deficit) (75,365)$ 12,809$ (15,692)$ (51,462)$ 267,192$ (4,497)$ 132,985$
Total City (from above)
RichmondOlympic Oval
Richmond Public
Library
Lulu Island Energy
Company
2014Consolidated
2013Consolidated
Revenues:Taxation and levies 183,687$ -$ -$ -$ 183,687$ 176,283$ User fees 93,201 - - - 93,201 90,540 Sales of services 25,759 6,878 172 - 32,809 34,959 Payments-in-Lieu of taxes 14,546 - - - 14,546 14,406 Provincial and Federal Grants 4,797 2,271 412 - 7,480 7,092 Development cost charges 18,765 - - - 18,765 11,730 Other Capital Funding Sources 51,578 - 89 - 51,667 55,542 Other revenue from own sources: Investment Income 16,568 - - - 16,568 13,490 Gaming revenue 21,047 - - - 21,047 17,632 Licenses and permits 9,788 - - 31 9,819 9,241 Other 33,540 1,413 241 - 35,194 23,947
473,276 10,562 914 31 484,783 454,862 Expenditures:
Wages and Salaries 128,607 6,940 6,622 - 142,169 137,648 Contract Services 57,601 126 219 - 57,946 50,539 Supplies and Materials 49,221 3,626 1,077 - 53,924 53,222 Amortization of tangible capital assets 50,039 373 1,694 - 52,106 50,333 Interest and Finance 21,355 - 4 8 21,367 19,783 Transfer from(to) capital for tangible capital assets 18,265 - (73) - 18,192 2,414 PW Maintenance 14,536 - 12 - 14,548 14,246 Loss(gain) on disposal of tangible capital assets 667 - 8 - 675 433
340,291 11,065 9,563 8 360,927 328,618
Annual surplus (deficit) 132,985$ (503)$ (8,649)$ 23$ 123,856$ 126,244$
City of Richmond audited financial statements
FIN - 49
37City of Richmond 2014 Annual Report
CITY OF RICHMOND Notes to Consolidated Financial Statements (continued) (Tabular amounts expressed in thousands of dollars)
Year ended December 31, 2014
22. Budget data:
The budget data presented in these consolidated financial statements is based on the 2014 operating and capital budgets approved by Council on February 25, 2014 and the approved budget for Richmond Olympic Oval. Below is the reconciliation of the approved budget to the budget amount reported in these financial statements.
Budget Amount
Revenues: Approved operating budget $ 460,924 Approved capital budget 392,801 Approved Oval budget 13,140
Less:Transfer from other funds 10,924 Intercity recoveries 39,925 Intercompany recoveries 3,208 Carried forward capital expenditures 200,679 Total revenue 612,129
Expenses: Approved operating budget 460,924 Approved capital budget 392,801 Approved Oval budget 11,565
Less:Transfer to other funds 71,108 Intercity payments 39,925 Intercompany payments 3,208 Capital expenditures 192,122 Debt principal payments 1,010 Carried forward capital expenditures 200,679 Total expenses 357,238
Annual surplus per statement of operations $ 254,891
23. Comparative Figures:
Certain comparative information has been reclassified to conform to the financial statement presentation adopted for the current year.
City of Richmond audited financial statements
FIN - 50
38City of Richmond 2014 Annual ReportFIN - 51
39City of Richmond 2014 Annual Report
City of Richmond statistical dataCity of Richmond population 2005–2014 ........................................................................................... 40Total population by age groups .......................................................................................................... 40Immigrant status of Richmond residents by period of immigration ..................................................... 41Language spoken most often at home ............................................................................................... 41Highest level of education attainment for the population aged 25 to 64 ............................................ 42Occupations of Richmond residents ................................................................................................... 42Registration in Richmond Recreation and Cultural Services programs 2010–2014 ............................... 43Housing starts in Richmond 2005–2014 ............................................................................................. 43Richmond housing starts by type of units 2014 .................................................................................. 44New dwelling units constructed 2005–2014 ...................................................................................... 44Construction value of building permits issued 2005–2014 (in $000s) ................................................. 45Richmond business licences 2010–2014 ............................................................................................. 45City of Richmond budgeted capital construction costs 2010–2014 (in $000s) ..................................... 46Capital program by type 2014 ........................................................................................................... 46Breakdown of residential tax bill 2014 ............................................................................................... 47Breakdown of actual municipal tax dollar 2014 .................................................................................. 472014 tax rates .................................................................................................................................... 482014 general revenue fund assessment and taxation by property class (in $000s) ............................... 48Taxes collected on behalf of taxing authorities (in $000s) ................................................................... 482010–2014 general assessment by property class (in $000s) .............................................................. 492010–2014 property tax levies (in $000s) ........................................................................................... 49Long-term debt repayments relative to expenditures 2010–2014 (in $000s) ....................................... 50City of Richmond debt per capita 2010–2014 .................................................................................... 50Net Debt 2010–2014 (in $000s) ......................................................................................................... 50Expenses by function 2010–2014 (in $000s) ...................................................................................... 51Expenses by object 2010–2014 (in $000s) .......................................................................................... 51Revenue by source 2010–2014 (in $000s) .......................................................................................... 52Accumulated surplus 2010–2014 (in $000s) ....................................................................................... 52Changes in net financial assets 2010–2014 (in $000s) ........................................................................ 52Reserves 2010–2014 (in $000s) .......................................................................................................... 53Investment portfolio per type 2013–2014 ($000s) .............................................................................. 54Ratio analysis indicators of financial condition .................................................................................... 54
City of Richmond statistical data
FIN - 52
40City of Richmond 2014 Annual Report
165,000 171,000 177,000 183,000 189,000 195,000 201,000 207,000
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
9%
5%
7%
14%
12%
16%
16%
11%
6%
4%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18%
0 to 9 years
10 to 14 years
15 to 19 years
20 to 29 years
30 to 39 years
40 to 49 years
50 to 59 years
60 to 69 years
70 to 79 years
80 years and over
City of Richmond population 2005–2014
Total population by age groups
Source: City of Richmond Policy Planning Division
Source: Statistics Canada 2011 Census of Population
City of Richmond statistical data
FIN - 53
41City of Richmond 2014 Annual Report
English, 49%
Chinese, 33%
Other languages, 14%
Punjabi, 2%Tagalog, 2%
Language spoken most often at home
Source: Statistics Canada 2011 Census of Population
Canadian born39%
Immigrated before 1991
18%
Immigrated1991-2000
22%Immigrated2001-2011
19%
Non-permanent residents
2%
Source: Statistics Canada, 2011 National Household Survey (NHS)
Immigrant status of Richmond residents by period of immigration
City of Richmond statistical data
FIN - 54
42City of Richmond 2014 Annual Report
6%
8%
9%
16%
24%
37%
0% 10% 20% 30% 40%
Apprenticeship or trades certif icate or diploma
No certif icate, diploma or degree
University certif icate or diploma below the bachelor level
College, CEGEP or other non-university certif icate or diploma
High school certif icate or equivalent
University certif icate, diploma or degree at bachelor's level or above
1%
3%
3%
5%
8%
9%
9%
13%
20%
29%
0% 5% 10% 15% 20% 25% 30% 35%
Natural resources, agriculture and related production
Art, culture, recreation, sport
Manufacturing and utilities
Health
Natural and applied sciences and related
Trades, transport, equipment operators and related
Education, law and social, community and government
Management
Business, f inance, administration
Sales and service
Occupations of Richmond residents
Source: Statistics Canada, 2011 National Household Survey (NHS)
Highest level of education attainment for the population aged 25 to 64
Source: Statistics Canada, 2011 National Household Survey (NHS)
City of Richmond statistical data
FIN - 55
43City of Richmond 2014 Annual Report
1,612
2,501
1,088
1,195
3,179
480
1,085
1,806
2,338
2,304
0 500 1,000 1,500 2,000 2,500 3,000 3,500
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
128,622122,784
129,526 126,410
141,175
0
25,000
50,000
75,000
100,000
125,000
150,000
2010 2011* 2012 2013 2014
Housing starts in Richmond 2005–2015
Source: City of Richmond building permit records. Includes only projects for new residential construction receiving final building permit in the given year.
Registration in Richmond Recreation and Cultural Services programs 2010–2014
*Change in registration system 2011
Source: City of Richmond Finance and Corporate Services
City of Richmond statistical data
FIN - 56
44City of Richmond 2014 Annual Report
Single Family21%
Townhouse8%
Apartment71%
New dwelling units constructed 2005–2014
*Includes one family and two family dwellings
Source: City of Richmond building permit records. Includes only projects for new residential construction receiving final building permit in the given year.
Richmond housing starts by type of units 2014
Source: City of Richmond building permit records. Includes only projects for new residential construction receiving final building permit in the given year.
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Apartment 171 531 225 182 728 619 974 1108 2204 1158Single Family * 346 319 281 286 306 304 374 343 265 325Townhouse 525 566 625 309 323 212 308 129 364 218
0
500
1,000
1,500
2,000
2,500
3,000
1,042
1,416
1,131
777
1,357
1,135
1,6561,580
2,833
1,701
City of Richmond statistical data
FIN - 57
45City of Richmond 2014 Annual Report
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Industrial ($000) $85,201 $105,037 $86,129 $52,867 $29,634 $42,905 $28,710 $26,210 $35,560 $20,789Commercial ($000) $44,173 $142,676 $138,877 $58,923 $26,979 $82,834 $100,578 $64,134 $42,268 $63,231Residential ($000) $359,620 $410,781 $347,159 $293,412 $99,753 $678,628 $291,440 $366,356 $601,407 $391,574
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
488,994
658,494
575,165
405,202
156,366
804,367
420,728456,700
679,235
475,594
13,322
13,371
13,336
12,988
12,832
12,000 12,500 13,000 13,500 14,000
2014
2013
2012
2011
2010
Construction value of building permits issued 2005–2014(in $000s)
Source: Permits and Licence System, custom report
Richmond business licences 2010–2014
Source: 2014 City of Richmond Consolidated Financial Statements
City of Richmond statistical data
FIN - 58
46City of Richmond 2014 Annual Report
2010 2011 2012 2013 2014New Capital $115,968 $35,723 $25,925 $39,479 $34,324Replacement Capital $32,168 $39,813 $54,362 $37,225 $158,906
$0
$50,000
$100,000
$150,000
$200,000
$250,000
148,136
75,536 80,287 76,704
193.230
Inf rastructure program
17%
Building program
67%
Land and parks program
11%
Equipment program
5%
Source: City of Richmond Finance and Corporate Services
Source: City of Richmond Finance and Corporate Services
City of Richmond budgeted capital construction costs2010–2014 (in $000s)
Capital program by type 2014
City of Richmond statistical data
FIN - 59
47City of Richmond 2014 Annual Report
3¢
3¢
4¢
4¢
5¢
5¢
6¢
6¢
8¢
10¢
11¢
14¢
21¢
0¢ 5¢ 10¢ 15¢ 20¢ 25¢
Law, Emergency and Bylaw
Corporate Administration
Information Technology
Richmond Public Library
Finance and Corporate Services
Planning and Development
Roads and Storm Drainage
Fiscal Expenditures and Debt
Engineering and Public Works
Recreation
Community Services and Parks
Fire Rescue
Police
City of Richmond
51%
School -Province of
BC38%
Metro Vancouver
1%
BC Assessment
1%
Greater Vancouver
Transit Authority
9%
Breakdown of residential tax bill 2014
Source: City of Richmond Finance and Corporate Services
Breakdown of actual municipal tax dollar 2014
Source: City of Richmond Finance and Corporate Services
City of Richmond statistical data
FIN - 60
48City of Richmond 2014 Annual Report
2014 tax ratesCity of
Richmond
School - Province
of BCMetro
VancouverBC
Assessment
Municipal Finance
Authority TransLink
Residential 2.24956 1.62470 0.05701 0.06190 0.00020 0.33150
Business 7.28682 6.00000 0.13967 0.17550 0.00050 1.45080
Light industrial 7.28682 6.00000 0.19383 0.17550 0.00070 1.70070
Seasonal / Recreational 2.16069 3.40000 0.05701 0.06190 0.00020 0.31700
Major industrial 13.71527 2.40000 0.19383 0.51150 0.00070 2.11300
Farm 12.60253 3.45000 0.05701 0.06190 0.00020 0.36650
Utilities 39.91245 13.60000 0.19953 0.51150 0.00070 2.74170
Source: City of Richmond Finance and Corporate Services
2014 general revenue fund assessment and taxation by property class (in $000s)
Assessment% of assessment
by class Taxation% of taxation
by class
Residential $44,543,518 79.66% $100,025 54.36%
Business 9,001,342 16.10% 65,591 35.64%
Light industrial 2,100,089 3.76% 15,303 8.32%
Seasonal / Recreational 97,338 0.17% 210 0.11%
Major industrial 125,716 0.22% 1,724 0.94%
Farm 26,112 0.05% 329 0.18%
Utilities 20,888 0.04% 834 0.45%
Total $55,915,002 100.00% $184,016 100.00%
Source: City of Richmond Finance and Corporate ServicesAmounts are based on Billing
Taxes collected on behalf of taxing authorities (in $000s)
2010 2011 2012 2013 2014
City of Richmond $156,071 $161,821 $167,529 $176,283 $183,687
School Board 118,391 122,465 128,610 133,660 133,539
Metro Vancouver 3,632 3,957 4,102 4,268 4,253
BC Assessment 4,013 4,258 4,593 4,667 4,843
TransLink 28,058 29,427 30,789 30,968 31,935
Other 11 13 14 15 15
Total taxes $310,177 $321,941 $335,637 $349,861 $358,272
Source: City of Richmond Finance and Corporate ServicesAmounts are less supplementary adjustments
City of Richmond statistical data
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49City of Richmond 2014 Annual Report
2010–2014 general assessment by property class (in $000s)
2010 2011 2012 2013 2014
Residential $32,706,544 $38,773,463 $45,026,858 $44,663,439 $44,543,518
Business 7,441,015 7,753,426 8,046,568 8,197,372 9,001,342
Light industrial 1,371,608 1,480,246 1,614,402 1,902,602 2,100,089
Seasonal / Recreational 108,471 113,149 111,935 120,715 97,338
Major industrial 107,044 107,536 111,752 115,791 125,716
Farm 26,801 26,699 26,572 26,618 26,112
Utilities 19,543 21,094 19,685 23,064 20,888
Total $41,781,026 $48,275,613 $54,957,772 $55,049,601 $55,915,002
Source: City of Richmond Finance and Corporate Services
2010–2014 property tax levies (in $000s)
2010 2011 2012 2013 2014
Total Tax Levy $314,484 $325,814 $339,221 $363,129 $367,571
Municipal portion of Total Tax Levy 156,482 162,214 168,205 175,960 184,016
% of current collections to current levy 98.63% 98.81% 98.94% 96.35% 97.81%
Source: City of Richmond Finance and Corporate Services
City of Richmond statistical data
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50City of Richmond 2014 Annual Report
$243
$5
$17
$29
$47
$0 $50 $100 $150 $200 $250 $300
2014
2013
2012
2011
2010
City of Richmond debt per capita 2010–2014
Source: City of Richmond Finance and Corporate Services
Long-term debt repayments relative to expenditures 2010–2014 (in $000s)
General revenue fund 2010 2011 2012 2013 2014
Long term debt repayments $3,554 $3,413 $2,972 $2,267 $4,232
General expenditures $249,446 $257,155 $227,773 $234,089 $280,736
Repayments as % of expenditures 1.4% 1.3% 1.3% 1.0% 1.6%
Sewerworks revenue fund
Long term debt repayments $115 $115 $115 $30 $0
Sewer expenditures $23,291 $24,724 $23,789 $26,916 $22,409
Repayments as % of expenditures 0.5% 0.5% 0.5% 0.0% 0.0%
Note: Expenditures do not include capital and infrastructure investments.
Source: City of Richmond Finance and Corporate Services
Net debt 2010–2014 (in $000s)
2010 2011 2012 2013 2014
Net debt $9,274 $5,808 $3,488 $1,056 $50,815
Source: City of Richmond Finance and Corporate Services
City of Richmond statistical data
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51City of Richmond 2014 Annual Report
Expenses by function 2010–2014 (in $000s)
2010 2011 2012 2013* 2014
Community Safety $70,838 $74,548 $75,193 $77,649 $83,820
Engineering and Public Works 56,365 52,727 53,164 53,268 55,899
Community Services 43,647 45,345 46,796 49,753 65,137
General government 35,130 42,358 38,570 41,061 42,582
Utilities 69,214 69,430 72,682 75,134 79,552
Planning and Development 11,427 11,560 11,961 11,854 13,301
Library services 8,221 8,615 9,245 9,390 9,563
Richmond Olympic Oval 6,614 8,646 9,826 10,509 11,065
Lulu Island Energy Corp - - - - 8
Total Expenses $301,456 $313,229 $317,437 $328,618 $360,927
* Amounts have been restated.
Source: City of Richmond Finance and Corporate Services
Expenses by object 2010–2014 (in $000s)
2010 2011 2012 2013* 2014
Wages, salaries and benefits $121,244 $128,361 $129,981 $137,648 $142,169
Public works maintenance 16,346 18,444 20,901 14,246 14,548
Contract services 46,582 45,687 47,945 50,539 57,946
Supplies and materials 78,972 63,765 63,684 53,222 53,924
Interest and finance 6,002 5,164 4,495 19,783 21,367
Transfer from (to) capital for tangible capital assets (11,518) 2,755 1,289 2,414 18,192
Amortization of tangible capital assets 47,725 47,696 49,565 50,333 52,106
Loss/(gain) on disposal of tangible capital assets (3,897) 1,373 (423) 433 675
Total Expenses $222,484 $313,245 $317,437 $328,618 $360,927
* Amounts have been restated.
Source: City of Richmond Finance and Corporate Services
City of Richmond statistical data
FIN - 64
52City of Richmond 2014 Annual Report
Revenue by source 2010–2014 (in $000s)
2010* 2011 2012 2013* 2014
Taxation and levies $156,071 $161,821 $167,529 $176,283 $183,687
User fees 68,365 69,359 74,222 90,540 93,201
Sales of services 37,403 41,518 41,449 34,959 32,809
Licences and permits 7,328 7,524 8,734 9,241 9,819
Investment income 16,864 20,328 17,144 13,490 16,568
Grants including casino revenue 32,119 35,520 38,261 39,131 43,073
Development cost charges 17,804 14,321 10,480 11,730 18,765
Other capital funding sources 53,217 50,063 19,306 55,542 51,667
Other 10,335 23,588 23,186 23,946 35,194
Total Revenue $399,506 $424,042 $400,311 $454,862 $484,783
*Amounts have been restated
Source: City of Richmond Finance and Corporate Services
Accumulated surplus 2010–2014 (in $000s)
2010* 2011 2012 2013 2014
Accumulated surplus, beginning of year $2,012,287 $2,110,337 $2,221,134 $2,304,008 $2,430,252
Annual surplus 98,050 110,797 82,874 126,244 123,856
Accumulated surplus, end of year $2,110,337 $2,221,134 $2,304,008 $2,430,252 $2,554,108
*Amounts have been restated
Source: City of Richmond Finance and Corporate Services
Changes in net fi nancial assets 2010–2014 (in $000s)
2010 2011 2012 2013 2014
Change in net financial assets $(32,872) $47,884 $53,436 $79,838 $53,644
Net Financial Assets, end of year $367,839 $415,723 $469,159 $548,997 $602,641
Source: City of Richmond Finance and Corporate Services
City of Richmond statistical data
FIN - 65
53City of Richmond 2014 Annual Report
Reserves 2010–2014 (in $000s)
2010 2011 2012 2013 2014
Affordable housing $10,728 $11,344 $18,082 $20,696 $12,551
Arts, culture and heritage - - - 4,379 4,362
Capital building and infrastructure 26,238 27,646 36,686 46,394 55,651
Capital reserve 76,229 81,820 78,254 101,834 103,806
Capstan Station - - - 3,862 8,241
Child care development 1,789 2,146 1,995 2,696 2,201
Community legacy and land replacement 5,718 17,097 16,681 16,353 16,720
Drainage improvement 18,213 23,395 27,948 35,555 44,505
Equipment replacement 14,912 16,744 16,579 17,820 17,241
Leisure facilities 2,522 2,621 3,177 3,551 3,621
Local improvements 6,117 6,330 6,428 6,527 6,643
Neighbourhood improvement 5,649 6,057 6,011 6,335 6,724
Public art program 1,278 1,585 1,967 2,282 2,554
Sanitary sewer 27,661 30,254 33,672 37,233 39,504
Steveston off-street parking 266 277 282 287 293
Steveston road ends 2,930 2,723 1,347 684 623
Waterfront improvement 496 179 112 104 659
Watermain replacement 46,377 43,435 41,680 42,481 46,375
Oval Capital Reserve 0 1,700 4,100 4,732 2,648
Total reserves $247,123 $275,353 $295,001 $353,805 $374,922
Source: City of Richmond Finance and Corporate Services
City of Richmond statistical data
FIN - 66
54City of Richmond 2014 Annual Report
Short-term notes and deposits
Government and
Government Guaranteed
Bonds
MFA* pooled investments Other bonds Total
Investments
2013 205,163 442,963 22,033 45,955 716,114 2014 298,737 261,847 22,527 259,531 842,642
-
150,000
300,000
450,000
600,000
750,000
900,000
Investment portfolio per type 2013–2014 ($000s)
Ratio analysis indicators of fi nancial condition2013 2014
Sustainability ratios
Assets to liabilities (times) 11.1 10.0
Financial assets to liabilities (times) 3.1 3.0
Net debt to total revenues 0.8% 4.1%
Net debt to the total assessment 0.0% 0.0%
Expenses to the total assessment 0.6% 0.6%
Flexibility ratios
Public debt charges to revenues 0.8% 0.3%
Net book value of capital assets to its cost 69.4% 68.8%
Own source revenue to the assessment 0.7% 0.7%
Vulnerability ratios
Government transfers to total revenues 2.0% 1.9%
Note: Based on three year average
Source: City of Richmond Finance and Corporate Services
Source: City of Richmond Finance and Corporate Services
*MFA: Municipal Finance Authority of BC
City of Richmond statistical data
FIN - 67
55City of Richmond 2014 Annual Report
2014 permissive property tax exemptionsIn accordance with Section 98 (2)(b) of the Community Charter, we disclose that the following properties were provided permissive property tax exemptions by Richmond City Council in 2014. Permissive tax exemptions are those exemptions granted by bylaw in accordance with Section 224of the Community Charter.
Property / Organization Address 2014 Municipal tax exempted
Churches and Religious PropertiesB.C. Muslim Association 12300 Blundell Road $ 3,689
Bakerview Gospel Chapel 8991 Francis Road 2,331
Beth Tikvah Congregation 9711 Geal Road 7,282
Bethany Baptist Church 22680 Westminster Highway 15,060
Brighouse United Church 8151 Bennett Road 5,462
Broadmoor Baptist Church 8140 Saunders Road 7,044
Canadian Martyrs Parish 5771 Granville Avenue 8,870
Christian and Missionary Alliance 3360 Sexmith Road 4,213
Christian Reformed Church 9280 No. 2 Road 7,336
Church in Richmond 4460 Brown Road 15,987
Church of God 10011 No. 5 Road 4,857
Church of Latter Day Saints 8440 Williams Road 10,322
Cornerstone Evangelical Baptist Church 12011 Blundell Road 1,020
Dharma Drum Mountain Buddhist Temple 8240 No. 5 Road 5,554
Emmanuel Christian Community 10351 No. 1 Road 4,557
Faith Evangelical Church 11960 Montego Street 2,960
Fraserview Mennonite Brethren Church 11295 Mellis Drive 8,978
Fujian Evangelical Church 12200 Blundell Road 5,441
Gilmore Park United Church 8060 No. 1 Road 6,249
I Kuan Tao (Fayi Chungder) Association 8866 Odlin Crescent 3,541
Immanuel Christian Reformed Church 7600 No. 4 Road 3,554
India Cultural Centre 8600 No. 5 Road 7,910
International Buddhist Society 9160 Steveston Highway 6,845
Ismaili Jamatkhama & Centre 7900 Alderbridge Way 31,559
Johrei Fellowship Inc 10380 Odlin Road 5,164
Lansdowne Congregation Jehovah's Witnesses 11014 Westminster Highway 2,580
Larch St. Gospel Meeting Room 8020 No. 5 Road 2,813
Ling Yen Mountain Temple 10060 No. 5 Road 3,575
Nanaksar Gurdwara Gursikh Temple 18691 Westminster Highway 4,012
North Richmond Alliance Church 9140 Granville Avenue 2,211
City of Richmond permissive property tax exemptions
FIN - 68
56City of Richmond 2014 Annual Report
Churches and religious properties continued . . .Our Savior Lutheran Church 6340 No. 4 Road $ 4,555
Parish of St. Alban's 7260 St. Albans Road 5,026
Patterson Road Assembly 9291 Walford Street 841
Peace Evangelical Church 8280 No 5 Road 6,171
Peace Mennonite Church 11571 Daniels Road 10,101
Richmond Alliance Church 11371 No. 3 Road 3,567
Richmond Baptist Church 6560 Blundell Road 1,329
Richmond Baptist Church 6640 Blundell Road 4,864
Richmond Bethel Mennonite Church 10160 No. 5 Road 11,136
Richmond Chinese Alliance Church 10100 No. 1 Road 6,584
Richmond Chinese Evangelical Free Church 8040 No. 5 Road 3,295
Richmond Emmanuel Church 7451 Elmbridge Way 10,552
Richmond Pentecostal Church 9300 Westminster Highway 9,036
Richmond Pentecostal Church 9260 Westminster Highway 754
Richmond Presbyterian Church 7111 No. 2 Road 4,347
Richmond Sea Island United Church 8711 Cambie Road 11,888
Salvation Army Church 8280 Gilbert Road 3,241
Science of Spirituality SKRM Inc 11011 Shell Road 1,493
Shia Muslim Community 8580 No. 5 Road 2,014
South Arm United Church 11051 No. 3 Road 1,968
St. Anne's Anglican Church 4071 Francis Road 4,010
St. Edward's Anglican Church 10111 Bird Road 3,904
St. Gregory Armenian Apostolic Church 13780 Westminster Highway 1,319
St. Monica's Roman Catholic Church 12011 Woodhead Road 6,348
St. Paul's Roman Catholic Parish 8251 St. Albans Road 9,498
Steveston Buddhist Temple 4360 Garry Street 9,259
Steveston Congregation Jehovah's Witnesses 4260 Williams Road 4,561
Steveston United Church 3720 Broadway Street 3,092
Subramaniya Swamy Temple 8840 No. 5 Road 1,240
Thrangu Monastery Association 8140 No. 5 Road 4,903
Thrangu Monastery Association 8160 No. 5 Road 2,376
Towers Baptist Church 10311 Albion Road 6,456
Trinity Lutheran Church 7100 Granville Avenue 7,614
Ukrainian Catholic Church 8700 Railway Avenue 1,586
Vancouver Airport Chaplaincy 3211 Grant McConachie Way 570
Vancouver International Buddhist Progress Society 6690 - 8181 Cambie Road 9,686
Vancouver International Buddhist Progress Society 8271 Cambie Road 6,497
Vedic Cultural Society of B.C. 8200 No. 5 Road 3,114
West Richmond Gospel Hall 5651 Francis Road 2,798
City of Richmond permissive property tax exemptions
FIN - 69
57City of Richmond 2014 Annual Report
Recreation, Child Care, and Community Service PropertiesCook Road Children's Centre 8300 Cook Road $ 1,957
Girl Guides of Canada 4780 Blundell Road 2,318
Navy League of Canada 7411 River Road 10,803
Richmond Animal Protection Society 12071 No. 5 Road 11,305
Richmond Caring Place 7000 Minoru Boulevard 149,941
Richmond Center for Disabilities 100 - 5671 No. 3 Road 17,441
Richmond Family Place 8660 Ash Street 8,443
Richmond Ice Centre 14140 Triangle Road 124,605
Richmond Lawn Bowling Club 6131 Bowling Green Road 8,285
Richmond Public Library 11580 Cambie Road 3,181
Richmond Public Library 11688 Steveston Hwy 5,917
Richmond Rod and Gun Club 7760 River Road 17,219
Richmond Tennis Club 6820 Gilbert Road 12,502
Richmond Watermania 14300 Entertainment Blvd 179,933
Richmond Winter Club 5540 Hollybridge Way 153,227
Riverside Children's Centre 5862 Dover Crescent 1,093
Scotch Pond Heritage 2220 Chatham Street 5,726
Terra Nova Children's Centre 6011 Blanchard Drive 2,092
Treehouse Learning Centre 100 - 5500 Andrews Road 1,516
West Cambie Childcare Centre 4033 Stolberg Street 3,316
Private Educational PropertiesB.C. Muslim Association 12300 Blundell Road $ 994
Choice Learning Centre 20411 Westminster Highway 1,178
Choice Learning Centre 20451 Westminster Highway 5,356
Cornerstone Christian Academy School 12011 Blundell Road 638
Richmond Christian School 10260 No. 5 Road 5,079
Richmond Christian School Association 5240 Woodwards Road 25,502
Richmond Jewish Day School 8760 No. 5 Road 11,346
St Joseph the Worker Church & School 4451 Williams Road 19,997
City of Richmond permissive property tax exemptions
FIN - 70
58City of Richmond 2014 Annual Report
Senior Citizen Housing Richmond Legion Senior Citizen Society 7251 Langton Road $ 19,724
Community Care FacilitiesCanadian Mental Health Association 8911 Westminster Highway $ 6,942
Development Disabilities Association 6531 Azure Road 1,829
Development Disabilities Association 8400 Robinson Road 2,395
Development Disabilities Association 7611 Langton Road 2,281
Greater Vancouver Community Service 4811 Williams Road 2,029
Pinegrove Place, Mennonite Care Home Society 11331 Mellis Drive 13,844
Richmond Lions Manor 9020 Bridgeport Road 16,372
Richmond Society for Community Living 303 - 7560 Moffatt Road 745
Richmond Society for Community Living 4433 Francis Road 1,440
Richmond Society for Community Living 5635 Steveston Highway 5,319
Richmond Society for Community Living 9 - 11020 No. 1 Road 983
Richmond Society for Community Living 9580 Pendleton Road 6,580
Rosewood Manor, Richmond Intermediate Care Society
6260 Blundell Road 29,433
Municipal Use
Richmond Oval 6111 River Road $ 1,624,159
City of Richmond permissive property tax exemptions
FIN - 71
59City of Richmond 2014 Annual Report
2014 City Centre Area transitional tax exemptions
Organization Address2014 Municipal
tax exempted
0737293 BC Ltd 4711 Garden City Rd $ 20,148
2725312 Canada Inc 5900 No. 2 Road 41,680
2725312 Canada Inc 6191 Westminster Hwy 23,369
2725312 Canada Inc 6751 Westminster Hwy 32,558
317159 BC Ltd 4551 No. 3 Road 35,305
684104 BC Ltd 9311 River Drive 15,361
AAA Self Storage Depot Inc 8520 Cambie Road 18,815
Arthur Bell Holdings Ltd 7960 Alderbridge Way 29,023
Arthur Bell Holdings Ltd 5333 No. 3 Road 27,377
Canada Bodhi Dharma Society 5600 Cedarbridge Way 11,506
Canadian Tire Real Estate Ltd 3500 No. 3 Road 35,050
Centro Ovalsquare Development Ltd 6791 Elmbridge Way 42,053
China Cereals & Oils Corp 8777 Odlin Road 11,397
Conway Richmond Estates Ltd 4800 No. 3 Road 18,355
EIG Alderbridge Investments Inc 7851 Alderbridge Way 37,673
Grand Long Holdings Canada Ltd 8091 Park Road 41,542
Hallmark Holdings Ltd 7811 Alderbridge Way 40,413
HGL Investments Ltd 132-4940 No. 3 Road 30,138
Jiatai Realty Inc 5400 Minoru Blvd 27,231
Marisco Holdings Ltd 7680 River Road 15,849
McDonald's Restaurants of Canada Ltd 7120 No. 3 Road 19,951
Munch Holdings Co. Ltd 5660 Minoru Blvd 19,842
PLR Holdings Ltd 5840 Minoru Blvd 29,089
Porte Industries Ltd 5560 Minoru Blvd 19,208
Richmond Holdings Ltd 7880 Alderbridge Way 41,965
Richmond Holdings Ltd 7111 Elmbridge Way 18,917
Richmond Holdings Ltd 7671 Alderbridge Way 28,564
Richmond Holdings Ltd 5003 Minoru Blvd 17,088
Richmond Holdings Ltd 6851 Elmbridge Way 21,511
Richmond Holdings Ltd 6871 Elmbridge Way 18,458
Richmond Holdings Ltd 6851 Elmbridge Way 18,967
Richmond Holdings Ltd 6871 Elmbridge Way 16,927
Vancouver Soho Holding Ltd 5740 Minoru Blvd 23,274
City of Richmond City Centre Area tax exemptions
FIN - 72
60City of Richmond 2014 Annual Report
City of Richmond contacts The City of Richmond offers many civic services to the community. Additional services to the community are provided through the Richmond Olympic Oval, Richmond Public Library and Gateway Theatre. For more information on City services contact:
City of Richmond6911 No. 3 RoadRichmond, British ColumbiaV6Y 2C1 CanadaPhone: 604-276-4000Email: [email protected]
/CityofRichmondBC
@Richmond_BC
/CityofRichmondBC
Gateway Theatre6500 Gilbert RoadPhone: 604-270-6500Box Office: 604-270-1812www.gatewaytheatre.com
/Gateway-Theatre
@Gateway_Theatre
Richmond Public LibraryHours: 604-231-6401www.YourLibrary.ca
/yourlibraryRichmond
@RPL_YourLibrary
/YourLibraryRichmond
Richmond Olympic Oval6111 River RoadPhone: 778-296-1400www.richmondoval.ca
/RichmondOval
@RichmondOval
City of Richmond ServicesLaw and Community SafetyBrings together the City’s public safety providers including police, fire-rescue and emergency programs as well as bylaw enforcement, legal and regulatory matters.
Community ServicesCoordinates, supports and develops Richmond’s community services including recreation, arts, heritage, sports, social planning, affordable housing, diversity, youth, childcare and older adult services. Oversees City owned public facilities and the design, construction and maintenance of City parks, trails and green spaces. Works with community partners and coordinates special events and filming in the City.
Finance and Corporate ServicesIncludes customer service, information technology, finance, economic development, real estate services, City Clerk, enterprise services, business licences, administration and compliance.
Engineering and Public WorksComprises engineering planning, design, construction and maintenance services for all utility and City building infrastructure. Responsible for local water supply, sewer and drainage, dikes and irrigation system, roads and construction services, street lighting, environmental services, corporate sustainability, and district, corporate and community energy programs.
Planning and DevelopmentIncorporates the policy planning, transportation, planning, development applications and the building approvals departments. This division provides policy directions that guide growth and change in Richmond with emphasis on land use planning, development regulations, environmental protection, heritage and livability. These planning functions play a vital part in the City’s life cycle and involve the development of community plans and policies, zoning bylaws, as well as development related approvals and permits.
City of Richmond contacts and major services provided by the City of Richmond
FIN - 73
City of Richmond6911 No. 3 Road, Richmond, BC V6Y 2C1Telephone: 604-276-4000www.richmond.ca
Contents printed on Canadian made, 100% recycled stock using environmentally friendly toners.FIN - 74
FIN - 75
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FIN - 77
City
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FIN - 78
City
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hout
201
4. In
res
pons
e, t
he C
ity m
ade
prud
ent
inve
stm
ents
to
ensu
re w
e ha
ve t
he
infr
astr
uctu
re a
nd p
rogr
ams
to m
eet
the
need
s of
bo
th c
urre
nt a
nd f
utur
e re
side
nts;
we
reta
in o
ur
outs
tand
ing,
inte
rnat
iona
lly-r
ecog
nize
d qu
ality
of
life;
and
, tha
t Ri
chm
ond
rem
ains
on
a su
stai
nabl
e pa
th. R
ichm
ond’
s st
rong
fin
anci
al p
ositi
on a
llow
ed
us t
o m
ake
thes
e in
vest
men
ts w
ith m
inim
al im
pact
on
pro
pert
y ta
xes.
As
the
final
yea
r of
the
Cou
ncil
Term
, 201
4 w
as a
bu
sy y
ear
for
Cou
ncil,
as
we
wor
ked
to c
ompl
ete
or
adva
nce
our
man
y C
ounc
il Te
rm G
oals
.
Mos
t no
tabl
y, t
he y
ear
was
mar
ked
by t
he o
peni
ng
of a
num
ber
of n
ew k
ey a
men
ities
to
serv
e th
e co
mm
unity
. The
pop
ular
Rai
lway
Gre
enw
ay h
as
been
a h
uge
succ
ess,
tur
ning
an
aban
done
d ra
ilway
cor
ridor
into
an
activ
e an
d vi
tal c
ross
-isla
nd
tran
spor
tatio
n lin
k, w
hile
pro
mot
ing
phys
ical
ac
tivity
. The
Ter
ra N
ova
Adv
entu
re P
lay
Envi
ronm
ent
set
new
sta
ndar
ds f
or in
nova
tion
and
sust
aina
bilit
y in
cre
atin
g ex
citin
g pl
ay o
ppor
tuni
ties
for
our
yout
h.
Sim
ilarly
, the
new
Ter
ra N
ova
Nat
ure
Pres
choo
l br
ough
t ch
ildre
n di
rect
ly in
to c
onta
ct w
ith t
heir
natu
ral e
nviro
nmen
t, d
evel
opin
g an
app
reci
atio
n fo
r ec
olog
y fr
om a
n ea
rly a
ge. A
crit
ical
ly-n
eede
d ex
pans
ion
of c
hild
car
e sp
aces
in R
ichm
ond
bega
n w
ith t
he o
peni
ng o
f ne
w C
ity-o
wne
d ch
ild c
are
faci
litie
s in
the
Ham
ilton
and
Wes
t C
ambi
e ar
eas.
Cou
ncil
also
app
rove
d th
e pr
elim
inar
y de
sign
for
th
e $7
9 m
illio
n M
inor
u C
ompl
ex (h
ousi
ng a
n aq
uatic
s ce
ntre
, old
er a
dults
cen
tre
and
spor
t an
d re
crea
tion
amen
ities
). D
esig
n w
as a
lso
appr
oved
for
tw
o ne
w f
ire h
alls
, whi
ch w
ill c
ompl
ete
a de
cade
-lo
ng u
pgra
de o
f al
l of
our
publ
ic s
afet
y bu
ildin
gs
to p
ost-
disa
ster
sta
tus.
Con
stru
ctio
n of
the
se n
ew
build
ings
is in
pro
gres
s an
d w
ill b
e co
mpl
ete
by
2017
.
The
City
als
o ap
prov
ed t
he m
aste
r pl
an f
or t
he
Gar
den
City
Lan
ds, a
136
.5-a
cre
parc
el o
f op
en
spac
e on
the
edg
e of
the
City
Cen
tre.
Thi
s vi
tal
parc
el o
f la
nd w
ill b
e en
tirel
y pr
eser
ved
for
park
and
ot
her
com
mun
ity u
se. O
ther
key
pla
ns a
ppro
ved
by
Cou
ncil
incl
uded
a R
esili
ent
Econ
omy
Stra
tegy
and
ex
pans
ion
of o
ur a
war
d-w
inni
ng D
istr
ict
Ener
gy
prog
ram
.
As
Cou
ncil
ente
rs t
he f
irst
year
of
a ne
w f
our-
year
te
rm in
201
5, w
e w
ill b
e re
visi
ting
our
Cou
ncil
Term
G
oals
to
ensu
re t
hat
Rich
mon
d co
ntin
ues
to b
e on
e of
Can
ada’
s m
ost
livab
le c
omm
uniti
es a
nd t
hat
our
resi
dent
s an
d bu
sine
sses
con
tinue
to
rece
ive
extr
aord
inar
y va
lue
from
the
pro
gram
s an
d se
rvic
es
they
hel
p fu
nd. A
s al
way
s, I
invi
te y
ou t
o co
ntac
t th
e M
ayor
’s O
ffic
e to
dis
cuss
or
com
men
t on
any
of
the
info
rmat
ion
cont
aine
d in
thi
s A
nnua
l Rep
ort.
Mal
colm
Bro
die
May
or, C
ity o
f Ri
chm
ond
FIN - 79
City
of
Rich
mon
d 20
14 A
nnua
l Rep
ort
Hig
hlig
hts
4
New
Rai
lway
Gre
enw
ay o
pene
d in
201
4 to
pop
ular
acc
laim
.
FIN - 80
City
of
Rich
mon
d 20
14 A
nnua
l Rep
ort
Hig
hlig
hts
5
Mes
sage
fro
m t
he C
hief
Adm
inis
trat
ive
Offi
cer
It is
my
plea
sure
to
pres
ent
the
City
of
Rich
mon
d’s
2014
Ann
ual R
epor
t, w
hich
doc
umen
ts a
noth
er
extr
aord
inar
y ye
ar o
f ac
hiev
emen
t fo
r ou
r ad
min
istr
atio
n, a
long
with
the
con
tinue
d st
rong
fin
anci
al p
ositi
on o
f th
e C
ity.
2014
saw
the
City
und
erta
ke a
rec
ord
Cap
ital b
udge
t of
$19
2.1
mill
ion
as w
e m
oved
to
repl
ace
agin
g in
fras
truc
ture
and
mee
t th
e em
ergi
ng p
ublic
am
enity
ne
eds
of o
ur c
omm
unity
. The
bud
get
incl
uded
fun
ding
fo
r an
ext
raor
dina
ry $
124.
1 m
illio
n m
ajor
fac
ilitie
s bu
ildin
g pr
ogra
m, w
hich
incl
udes
a n
ew m
ain
fire
hall,
a n
ew C
ity C
entr
e C
omm
unity
Cen
tre
and
the
Min
oru
Com
plex
, whi
ch w
ill h
ouse
an
aqua
tic c
entr
e,
olde
r ad
ults
cen
tre
and
prov
ide
othe
r re
crea
tion
and
spor
t pr
ogra
m s
pace
. Thi
s am
bitio
us p
rogr
am w
as
unde
rtak
en w
ith m
inim
al im
pact
on
prop
erty
tax
es
thro
ugh
fund
ing
from
our
car
eful
ly-n
urtu
red
rese
rve
fund
s an
d ju
dici
ous
borr
owin
g to
tak
e ad
vant
age
of
low
inte
rest
rat
es.
The
past
yea
r w
as a
lso
extr
aord
inar
y fo
r th
e re
cogn
ition
rec
eive
d by
the
City
of
Rich
mon
d. O
ur
orga
niza
tion
rece
ived
mor
e th
an 1
5 aw
ards
fro
m lo
cal,
natio
nal a
nd in
tern
atio
nal o
rgan
izat
ions
hon
ourin
g ou
r co
mm
itmen
t to
inno
vatio
n, e
xcel
lenc
e an
d su
stai
nabi
lity.
Of
part
icul
ar n
ote
was
an
awar
d fr
om
my
peer
s in
the
Can
adia
n A
ssoc
iatio
n of
Mun
icip
al
Adm
inis
trat
ors
(CA
MA
) for
Ric
hmon
d’s
Cor
pora
te
Prog
ram
s M
anag
emen
t G
roup
(CPM
G).
This
in
nova
tive,
hom
egro
wn
prog
ram
pro
vide
s ac
cele
rate
d
trai
ning
and
pro
fess
iona
l dev
elop
men
t op
port
uniti
es
for
the
City
’s ne
xt g
ener
atio
n of
lead
ers,
whi
le
crea
ting
capa
city
to
supp
ort
impl
emen
tatio
n of
prio
rity
initi
ativ
es. T
he w
inne
r of
CA
MA’
s 20
14 P
rofe
ssio
nal
Dev
elop
men
t A
war
d, t
he C
PMG
pro
gram
has
bec
ome
the
insp
iratio
n an
d m
odel
for
oth
er lo
cal g
over
nmen
ts.
Rich
mon
d al
so c
ontin
ues
to b
e hi
ghly
com
mitt
ed
to u
sing
an
entr
epre
neur
ial a
ppro
ach
to a
ddre
ss
com
mun
ity n
eeds
and
obj
ectiv
es. T
his
incl
udes
fo
rmin
g ne
w li
nes
of b
usin
ess,
suc
h as
Lul
u Is
land
En
ergy
Com
pany
, a d
istr
ict
ener
gy u
tility
, to
achi
eve
our
goal
s. T
he C
ity-o
wne
d Ri
chm
ond
Oly
mpi
c O
val
Cor
pora
tion
cont
inue
s to
be
huge
ly s
ucce
ssfu
l as
it m
anag
es R
ichm
ond’
s w
orld
cla
ss, O
lym
pic
lega
cy
faci
lity.
Inno
vativ
e ne
w p
artn
ersh
ips
wer
e fo
rmed
by
the
Ova
l Cor
pora
tion
in 2
014
to s
uppo
rt d
evel
opm
ent
of t
he R
ichm
ond
Oly
mpi
c Ex
perie
nce,
whi
ch w
ill o
pen
in 2
015,
as
a m
ajor
new
reg
iona
l tou
rist
attr
actio
n.
The
achi
evem
ents
out
lined
in t
his
Ann
ual R
epor
t be
com
e a
new
ben
chm
ark
for
our
City
. Ric
hmon
d re
mai
ns c
omm
itted
to
cont
inuo
us im
prov
emen
t an
d to
rai
sing
the
bar
eve
r hi
gher
in f
ulfil
ling
our
visi
on f
or
Rich
mon
d to
be
the
mos
t ap
peal
ing,
liva
ble
and
wel
l-m
anag
ed c
omm
unity
in C
anad
a.
Geo
rge
Dun
can
Chi
ef A
dmin
istr
ativ
e O
ffic
er
FIN - 81
City
of
Rich
mon
d 20
14 A
nnua
l Rep
ort
Hig
hlig
hts
6
2014
hig
hlig
hts
In 2
014,
the
City
ach
ieve
d a
num
ber
of m
ilest
ones
in
ful
fillin
g C
ounc
il’s
Term
s G
oals
for
201
1–20
14.
Som
e of
the
mor
e si
gnifi
cant
ach
ieve
men
ts o
f th
e ye
ar a
re h
ighl
ight
ed o
n th
ese
page
s:
Co
mm
un
ity
Soci
al S
ervi
ces
Rich
mon
d is
dou
blin
g th
e nu
mbe
r of
chi
ld c
are
spac
es o
ffer
ed in
City
-ow
ned
faci
litie
s, a
ddin
g m
ore
than
200
new
spa
ces
over
the
nex
t fe
w y
ears
. Th
e ne
w C
ranb
erry
Chi
ldre
n’s
Cen
tre
open
ed in
the
H
amilt
on a
rea
in 2
014.
Eco
no
mic
Dev
elo
pm
ent
The
City
ado
pted
a n
ew R
esili
ent
Econ
omy
Stra
tegy
in
201
4. T
he s
trat
egy
iden
tifie
s pr
iorit
y in
itiat
ives
, fo
cuse
s ef
fort
s on
key
eco
nom
ic s
ecto
rs a
nd
emph
asiz
es b
oth
busi
ness
exp
ansi
on a
nd r
eten
tion.
Man
agin
g G
row
th a
nd
Dev
elo
pm
ent
Cou
ncil
appr
oved
a m
aste
r pl
an f
or t
he G
arde
n C
ity
Land
s, e
nsur
ing
the
impo
rtan
t 13
6.5-
acre
par
cel
adjo
inin
g th
e C
ity C
entr
e is
pre
serv
ed a
s pa
rk a
nd
gree
n sp
ace
for
com
mun
ity u
se.
Co
mm
un
ity
Safe
ty
Rich
mon
d RC
MP
intr
oduc
ed o
nlin
e cr
ime
repo
rtin
g vi
a th
e C
ity’s
web
site
. Thi
s in
nova
tive
new
ser
vice
m
akes
it s
impl
er a
nd q
uick
er f
or r
esid
ents
to
repo
rt
man
y cr
imes
. A n
ew C
rime
Prev
entio
n G
uide
w
as a
lso
laun
ched
, hel
ping
citi
zens
tak
e gr
eate
r re
spon
sibi
lity
in c
omba
ttin
g cr
ime.
Faci
lity
Dev
elo
pm
ent
Prel
imin
ary
desi
gn w
as c
ompl
eted
and
app
rove
d fo
r th
e ne
w m
ultip
urpo
se M
inor
u C
ompl
ex a
nd n
ew
No.
1 a
nd N
o. 3
Fire
Hal
ls. T
he c
ompl
ex w
ill r
epla
ce
agin
g fa
cilit
ies
with
a n
ew a
nd e
xpan
ded
aqua
tic
cent
re, o
lder
adu
lts c
entr
e an
d ad
ditio
nal s
port
s an
d re
crea
tion
prog
ram
spa
ce. W
hen
the
new
fire
ha
lls a
re c
ompl
eted
by
2017
, all
the
City
’s pu
blic
sa
fety
bui
ldin
gs w
ill b
e po
st-d
isas
ter
rate
d.
Mu
nic
ipal
Infr
astr
uct
ure
Imp
rove
men
t
The
City
inve
sted
nea
rly $
10 m
illio
n in
201
4 in
im
prov
emen
ts t
o Ri
chm
ond’
s flo
od p
rote
ctio
n ne
twor
k. T
his
incl
uded
con
stru
ctio
n of
the
new
M
ontr
ose
pum
p st
atio
n an
d m
ajor
ret
rofit
of
the
Woo
dwar
d pu
mp
stat
ion.
Cra
nber
ry C
hild
ren’
s C
entr
eG
arde
n C
ity L
ands
Min
oru
Com
plex
FIN - 82
City
of
Rich
mon
d 20
14 A
nnua
l Rep
ort
Hig
hlig
hts
7
Sust
ain
abili
ty
The
City
con
tinue
d to
exp
and
its r
ecyc
ling
and
was
te d
iver
sion
pro
gram
s, w
ith e
xpan
ded
curb
side
co
llect
ion
of v
ario
us r
ecyc
labl
es a
nd a
ppro
val o
f pl
ans
to p
rovi
de o
rgan
ics
recy
clin
g co
llect
ion
for
mul
ti-fa
mily
res
iden
ces.
Res
iden
ts in
sin
gle-
fam
ily
hom
es a
chie
ved
71 p
er c
ent
was
te d
iver
sion
—w
ell
ahea
d of
the
reg
iona
l goa
l of
achi
evin
g 70
per
cen
t di
vers
ion
by 2
015.
Co
mm
un
ity
Wel
lnes
s
The
Terr
a N
ova
Adv
entu
re P
lay
Envi
ronm
ent
was
of
ficia
lly o
pene
d. D
esig
ned
to in
tegr
ate
with
the
na
tura
l par
k su
rrou
ndin
gs, t
he in
nova
tive
play
are
a fe
atur
es a
wid
e va
riety
of
uniq
ue a
nd e
xciti
ng p
lay
expe
rienc
es f
or y
outh
. The
Rai
lway
Gre
enw
ay w
as
offic
ially
ope
ned,
tur
ning
an
aban
done
d ra
ilway
co
rrid
or in
to a
vib
rant
new
tra
nspo
rtat
ion
link
that
enc
oura
ges
resi
dent
s to
wal
k, r
un a
nd c
ycle
be
twee
n ne
ighb
ourh
oods
or
acro
ss t
he is
land
.
A W
ell I
nfo
rmed
Pu
blic
The
City
intr
oduc
ed t
wo
new
mob
ile a
pplic
atio
ns
to im
prov
e pu
blic
acc
ess
to in
form
atio
n. T
he
Rich
mon
dBC
app
licat
ion
allo
ws
user
s to
rea
dily
ac
cess
in-d
epth
info
rmat
ion
abou
t pr
ogra
ms
and
even
ts a
t C
ity f
acili
ties.
The
Ric
hmon
d El
ectio
n ap
p pr
ovid
ed u
sers
with
ext
ensi
ve in
form
atio
n an
d in
tera
ctiv
e se
rvic
es r
elat
ed t
o th
e ci
vic
elec
tion.
Recy
clin
g pr
ogra
m e
xpan
ded
Terr
a N
ova
Adv
entu
re P
lay
Envi
ronm
ent
Rich
mon
dBC
app
FIN - 83
City
of
Rich
mon
d 20
14 A
nnua
l Rep
ort
Hig
hlig
hts
8
2014
aw
ards
One
of
the
way
s th
e C
ity o
f Ri
chm
ond
mea
sure
s ou
r su
cces
s is
thr
ough
the
aw
ards
and
rec
ogni
tion
we
rece
ive
from
our
pee
rs a
nd o
ther
s. 2
014
was
a
rem
arka
ble
year
on
this
fro
nt.
• Ri
chm
ond’
s in
nova
tive
and
succ
essf
ul f
oray
into
di
stric
t en
ergy
pro
duce
d fo
ur a
war
ds f
or t
he
Ale
xand
ra D
istr
ict
Ener
gy U
tility
(AD
EU) p
roje
ct;
incl
udin
g:-
Nat
iona
l Ene
rgy
Glo
be A
war
d fo
r C
anad
a.
AD
EU n
amed
as
best
pro
ject
in C
anad
a in
thi
s in
tern
atio
nal c
ompe
titio
n;-
2014
Can
adia
n G
eo-e
xcha
nge
Coa
litio
n Ex
celle
nce
Aw
ard;
- C
omm
unity
Pla
nnin
g an
d D
evel
opm
ent
Aw
ard
from
the
Com
mun
ity E
nerg
y A
ssoc
iatio
n; a
nd-
2014
Sus
tain
abili
ty A
war
d fr
om t
he
Ass
ocia
tion
of P
rofe
ssio
nal E
ngin
eers
and
G
eosc
ient
ists
of
BC 2
014.
• Th
e Ex
celle
nce
on t
he W
ater
fron
t A
war
d fr
om
Was
hing
ton
DC
-bas
ed W
ater
fron
t C
ente
r fo
r th
e Ri
chm
ond
Mid
dle
Arm
Par
k an
d G
reen
way
.•
The
2014
CA
MA
Pro
fess
iona
l Dev
elop
men
t A
war
d fo
r th
e C
orpo
rate
Pro
gram
s M
anag
emen
t G
roup
(CPM
G) l
eade
rshi
p de
velo
pmen
t pr
ogra
m.
• Th
e in
augu
ral C
ultu
re D
ays
Nat
iona
l Mar
ketin
g A
war
d fo
r pr
omot
ion
of t
he a
nnua
l nat
ion-
wid
e ev
ent.
• A
n H
onou
rabl
e M
entio
n in
the
Fed
erat
ion
of C
anad
ian
Mun
icip
aliti
es 2
015
Sust
aina
ble
Com
mun
ities
Aw
ards
for
Nei
ghbo
urho
od
Dev
elop
men
t fo
r ou
r C
ity C
entr
e N
eigh
bour
hood
D
evel
opm
ent
Act
ion
Plan
.•
A 2
014
Woo
d W
ORK
S! B
C C
omm
unity
Re
cogn
ition
Aw
ard
for
the
City
’s co
mm
itmen
t to
pr
omot
ing
the
use
of w
ood
in c
ivic
pro
ject
s.•
Wes
tern
Inve
stor
mag
azin
e se
lect
ed R
ichm
ond
as
the
best
city
for
rea
l est
ate
inve
stm
ent
in W
este
rn
Can
ada.
• Si
lver
Lea
f (n
atio
nal)
and
Bron
ze Q
uill
(pro
vinc
ial)
Aw
ards
of
Exce
llenc
e fr
om t
he In
tern
atio
nal
Ass
ocia
tion
of B
usin
ess
Com
mun
icat
ors
for
the
Gre
en C
art
prog
ram
laun
ch.
• A
Dis
tingu
ishe
d Sy
stem
s A
war
d fr
om t
he U
rban
an
d Re
gion
al In
form
atio
n Sy
stem
s A
ssoc
iatio
n (U
RISA
) for
the
City
’s G
IS t
ool.
• A
Lea
ders
hip
Exce
llenc
e A
war
d fr
om B
C H
ydro
’s Po
wer
Sm
art
Exce
llenc
e A
war
ds f
or e
nerg
y ef
ficie
ncy
initi
ativ
es.
• A
Mos
t Bu
sine
ss F
riend
ly A
war
d fr
om N
AIO
P Va
ncou
ver
for
the
City
’s gr
een
build
ing
initi
ativ
es.
• G
over
nmen
t Fi
nanc
e O
ffic
ers
Ass
ocia
tion
awar
ds
for
the
2013
Ann
ual R
epor
t:
- C
anad
ian
Aw
ard
for
Fina
ncia
l Rep
ortin
g (1
2th
cons
ecut
ive
year
).
- O
utst
andi
ng A
chie
vem
ent
in P
opul
ar A
nnua
l Fi
nanc
ial R
epor
ting
(5th
con
secu
tive
year
).
Ale
xand
ra D
istr
ict
Ener
gy U
tility
Cor
pora
te P
rogr
ams
Man
agem
ent
Gro
upRi
chm
ond
City
Cen
tre
FIN - 84
City
of
Rich
mon
d 20
14 A
nnua
l Rep
ort
Hig
hlig
hts
9
Repo
rt f
rom
the
Gen
eral
Man
ager
,Fi
nanc
e an
d C
orpo
rate
Ser
vice
s
I am
ple
ased
to
subm
it th
e C
ity o
f Ri
chm
ond’
s co
nsol
idat
ed f
inan
cial
sta
tem
ents
for
the
yea
r en
ded
Dec
embe
r 31
, 201
4 pu
rsua
nt t
o Se
ctio
n 16
7 of
the
Com
mun
ity C
hart
er. T
he f
inan
cial
sta
tem
ents
re
flect
a c
onso
lidat
ion
of t
he f
inan
cial
pos
ition
and
op
erat
ing
resu
lts f
or t
he C
ity o
f Ri
chm
ond,
Lul
u Is
land
Ene
rgy
Com
pany
Ltd
., Ri
chm
ond
Oly
mpi
c O
val C
orpo
ratio
n an
d th
e Ri
chm
ond
Publ
ic L
ibra
ry.
I dis
clos
e th
at m
anag
emen
t is
res
pons
ible
for
the
fin
anci
al s
tate
men
ts.
The
exte
rnal
aud
itors
, KPM
G L
LP, c
ondu
cted
an
inde
pend
ent
exam
inat
ion
and
have
exp
ress
ed
thei
r op
inio
n th
at t
he c
onso
lidat
ed f
inan
cial
st
atem
ents
pre
sent
fai
rly, i
n al
l mat
eria
l res
pect
s,
the
cons
olid
ated
fin
anci
al p
ositi
on o
f th
e C
ity o
f Ri
chm
ond
as a
t D
ecem
ber
31, 2
014
in a
ccor
danc
e w
ith C
anad
ian
publ
ic s
ecto
r ac
coun
ting
stan
dard
s.
The
City
con
tinue
d to
str
engt
hen
its f
inan
cial
co
nditi
on a
nd p
ositi
on in
201
4. T
he C
ity’s
net
wor
th r
each
ed $
2.6B
(201
3: $
2.4B
) and
cas
h an
d in
vest
men
ts in
crea
sed
to $
864.
7M (2
013:
$7
54.5
M).
Net
fin
anci
al a
sset
s in
crea
sed
to
$602
.6M
(201
3: $
549.
0M).
The
City
’s 20
14
reve
nues
wer
e $4
84.8
M (2
013:
$45
4.9M
) and
ex
pens
es w
ere
$360
.9M
(201
3: $
328.
6M).
The
reve
nue
incr
ease
s w
ere
mai
nly
due
to a
sub
stan
tial
gain
on
disp
osal
of
land
, tax
atio
n an
d ut
ility
fe
es, e
xter
nal f
undi
ng f
or c
apita
l con
stru
ctio
n an
d ga
min
g re
venu
es. T
he e
xpen
se in
crea
ses
wer
e m
ainl
y du
e to
sig
nific
ant
cont
ribut
ions
for
af
ford
able
hou
sing
, pol
icin
g an
d re
cycl
ing
cont
ract
co
sts
and
sett
lem
ent
of t
he R
ichm
ond
Fire
Res
cue
wag
e ag
reem
ent.
Stat
utor
y re
serv
es in
crea
sed
to $
374.
9M (2
013:
$3
53.8
M).
Net
deb
t ou
tsta
ndin
g w
as $
50.8
M a
s th
e C
ity u
nder
took
its
first
ext
erna
l bor
row
ing
in
mor
e th
an t
wo
deca
des
to t
ake
adva
ntag
e of
low
in
tere
st r
ates
to
part
ially
fin
ance
the
new
Min
oru
com
plex
tha
t is
cur
rent
ly u
nder
con
stru
ctio
n. T
his
debt
will
be
repa
id u
sing
cas
ino
reve
nues
ove
r th
e ne
xt d
ecad
e so
tha
t th
ere
will
be
no d
irect
bo
rrow
ing
impa
ct o
n pr
oper
ty t
axes
.
City
Cou
ncil’
s fo
cus
on lo
ng t
erm
pla
nnin
g gu
ided
by
its
Long
Ter
m F
inan
cial
Man
agem
ent
Stra
tegy
ha
s he
lped
pla
ce t
he C
ity in
a s
tron
g fin
anci
al
posi
tion.
Mea
nwhi
le, t
he C
ity’s
succ
ess
in c
reat
ing
a po
sitiv
e ec
onom
ic d
evel
opm
ent
clim
ate
was
re
cogn
ized
by
the
Wes
tern
Inve
stor
mag
azin
e,
whi
ch n
amed
Ric
hmon
d as
the
bes
t C
ity f
or
inve
stm
ent
in W
este
rn C
anad
a in
201
4. T
he C
ity
was
als
o re
cogn
ized
by
the
Gov
ernm
ent
Fina
nce
Off
icer
s A
ssoc
iatio
n w
ith t
wo
awar
ds f
or o
ur a
nnua
l fin
anci
al r
epor
ting.
The
outlo
ok is
exc
iting
as
we
will
con
tinue
to
focu
s on
inno
vatio
n in
ser
ving
our
com
mun
ity.
We
are
reth
inki
ng h
ow w
e di
gita
lly o
pera
te a
nd
prov
ide
serv
ices
to
the
com
mun
ity. A
s w
e ch
ange
, cu
stom
ers
will
be
able
to
requ
est
a se
rvic
e, r
epor
t a
conc
ern
or e
asily
fin
d th
e in
form
atio
n th
ey a
re
look
ing
for.
Our
goa
l is
to in
tegr
ate
all o
ur s
yste
ms
in a
‘cus
tom
er f
irst’
man
ner
that
will
mak
e th
eir
deal
ings
with
the
City
mor
e ef
ficie
nt. I
n ad
ditio
n,
serv
ices
will
be
deliv
ered
thr
ough
a n
ew c
usto
mer
po
rtal
and
we
have
beg
un o
ur jo
urne
y do
wn
this
pa
th w
ith t
he r
elea
se o
f th
e Ri
chm
ondB
C M
obile
A
pp. I
n ad
ditio
n, C
ounc
il ha
s co
mm
itted
to
prov
idin
g fr
ee W
i-Fi s
ervi
ces
in c
omm
unity
cen
tres
, ar
enas
and
sel
ect
park
s. C
ounc
il m
eetin
gs a
re n
ow
live-
stre
amed
and
rec
orde
d on
the
City
’s w
ebsi
te.
Ove
rall,
we
will
str
ive
to a
lway
s pr
ovid
e be
st v
alue
fo
r ou
r cu
stom
ers
whi
le e
nsur
ing
that
the
City
re
mai
ns f
lexi
ble
and
finan
cial
ly s
usta
inab
le.
And
rew
Naz
aret
h, B
Ec, C
PA, C
GA
Gen
eral
Man
ager
, Fin
ance
and
Cor
pora
te S
ervi
ces
FIN - 85
City
of
Rich
mon
d 20
14 A
nnua
l Rep
ort
Hig
hlig
hts
10
City
of
Rich
mon
d fi n
anci
al in
form
atio
nC
ity
of
Ric
hm
on
d c
on
solid
ated
sta
tem
ent
of
fin
anci
al p
osi
tio
n (
exp
ress
ed in
th
ou
san
ds
of
do
llars
)D
ecem
ber
31, 2
014,
with
com
para
tive
figur
es f
or 2
013
2014
2013
Fin
an
cial
ass
ets
1
Cas
h an
d ca
sh e
quiv
alen
ts
$ 22
,053
$
38,3
68In
vest
men
ts84
2,64
271
6,11
4A
ccru
ed in
tere
st r
ecei
vabl
e5,
363
3,22
4A
ccou
nts
rece
ivab
le28
,071
19,4
22Ta
xes
rece
ivab
le7,
481
9,44
7D
evel
opm
ent
fees
rec
eiva
ble
25,3
6021
,405
Deb
t re
serv
e fu
nd—
depo
sits
708
200
931,
678
808,
180
Fin
an
cial
liab
ilit
ies
Acc
ount
s pa
yabl
e an
d ac
crue
d lia
bilit
ies
88,3
3183
,204
Dep
osits
and
hol
dbac
ks65
,103
51,8
41D
efer
red
reve
nue
41,8
2335
,870
Dev
elop
men
t co
st c
harg
es82
,965
87,2
12D
ebt
50,8
151,
056
329,
037
259,
183
Net
fin
anci
al a
sset
s2 60
2,64
154
8,99
7
No
n-f
inan
cial
ass
ets
3
Tang
ible
cap
ital a
sset
s 1,
947,
102
1,87
7,29
8In
vent
ory
of m
ater
ials
and
sup
plie
s2,
415
2,36
3Pr
epai
d ex
pens
es1,
950
1,59
4
1,95
1,46
71,
881,
255
Acc
umul
ated
sur
plus
4
$ 2,
554,
108
$
2,43
0,25
2
1 Fi
nanc
ial a
sset
s: c
ash
reso
urce
s.2
Net
fin
anci
al a
sset
s: t
he n
et f
inan
cial
pos
ition
, cal
cula
ted
as t
he d
iffer
ence
bet
wee
n fin
anci
al a
sset
s an
d lia
bilit
ies.
3 N
on-f
inan
cial
ass
ets:
ass
ets
that
are
ow
ned
and
will
be
utili
zed
for
futu
re s
ervi
ces,
incl
udin
g ta
ngib
le c
apita
l ass
ets,
inve
ntor
ies
and
prep
aid
expe
nses
.4
Acc
umul
ated
sur
plus
: thi
s is
an
indi
cato
r of
the
City
’s ov
eral
l fin
anci
al h
ealth
. It
is t
he d
iffer
ence
bet
wee
n th
e co
mbi
ned
finan
cial
ass
ets
and
non-
finan
cial
ass
ets
as c
ompa
red
to it
s lia
bilit
ies
and
incl
udes
the
inve
stm
ents
in t
angi
ble
capi
tal a
sset
s (c
apita
l equ
ity),
tota
l res
erve
s (r
estr
icte
d fu
nds)
, app
ropr
iate
d su
rplu
s (in
tern
ally
app
ropr
iate
d fu
nds/
prov
isio
ns) a
nd g
ener
al o
r un
rest
ricte
d su
rplu
s.
The
Fina
ncia
l Sta
tem
ents
are
pre
sent
ed in
com
form
ity w
ith g
ener
ally
acc
epte
d ac
coun
ting
prac
tices
(GA
AP)
.
FIN - 86
City
of
Rich
mon
d 20
14 A
nnua
l Rep
ort
Hig
hlig
hts
11
Cit
y o
f R
ich
mo
nd
co
nso
lidat
ed s
tate
men
t o
f o
per
atio
ns1
(exp
ress
ed in
th
ou
san
ds
of
do
llars
)Ye
ar e
nded
Dec
embe
r 31
, 201
4, w
ith c
ompa
rativ
e fig
ures
for
201
3
Bu
dg
et
2014
Act
ual
2014
Act
ual
2013
Reven
ues
Taxa
tion
and
levi
es
$ 18
3,82
2
$ 18
3,68
7
$ 17
6,28
3U
tility
fee
s90
,428
93,2
0190
,540
Sale
s of
ser
vice
s28
,707
32,8
0934
,959
Paym
ents
-in-li
eu o
f ta
xes
13,4
7314
,546
14,4
06Pr
ovin
cial
and
fed
eral
gra
nts
6,78
27,
480
7,09
2D
evel
opm
ent
cost
cha
rges
-18
,765
11,7
30O
ther
cap
ital f
undi
ng s
ourc
es19
2,12
251
,667
55,5
42O
ther
rev
enue
s:In
vest
men
t in
com
e16
,790
16,5
6813
,490
Gam
ing
reve
nue
14,9
0821
,047
17,6
32Li
cens
es a
nd p
erm
its7,
704
9,81
99,
241
Oth
er57
,393
35,1
9423
,947
612,
129
484,
783
454,
862
Exp
en
ses
Law
and
Com
mun
ity S
afet
y
$ 87
,025
$
83,8
20
$ 77
,649
Util
ities
: wat
er, s
ewer
age
and
sani
tatio
n78
,108
79,5
5275
,134
Engi
neer
ing,
Pub
lic W
orks
and
Pro
ject
Dev
elop
men
t55
,369
55,8
9953
,268
Com
mun
ity S
ervi
ces
52,0
2165
,137
49,7
53G
ener
al g
over
nmen
t50
,754
42,5
8241
,061
Plan
ning
and
Dev
elop
men
t12
,806
13,3
0111
,854
Rich
mon
d O
lym
pic
Ova
l11
,565
11,0
6510
,509
Libr
ary
serv
ices
9,59
09,
563
9,39
0Lu
lu Is
land
Ene
rgy
Cor
p-
8-
357,
238
360,
927
328,
618
Ann
ual s
urpl
us2
254,
891
123,
856
126,
244
Acc
umul
ated
sur
plus
, end
of
year
$ 2
,685
,143
$
2,5
54,1
08
$ 2
,430
,252
1 Th
e st
atem
ent
of o
pera
tions
sho
ws
the
sour
ces
of r
even
ues
and
expe
nses
, the
ann
ual s
urpl
us o
r de
ficit
and
the
chan
ge in
the
acc
umul
ated
sur
plus
.
2 A
nnua
l sur
plus
is s
how
n on
thi
s st
atem
ent
as t
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FIN - 88
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FIN - 89
City
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FIN - 90
City
of
Rich
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Visi
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To b
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FIN - 91
City
of R
ichm
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FIN - 92
To:
From:
City of Richmond
Finance Committee
Jerry Chong Director, Finance
Report to Committee
Date: May 08, 2015
File: 03-0905-05-01/2015-Vol 01
Re: 2014 Annual Development Cost Charges
Staff Recommendation
That the staff report titled, "2014 Annual Development Cost Charges," dated May 8, 2015 from the Director, Finance be received for information.
Chong Director, Finance (604-27 6-4064)
Att.l
ROUTED TO:
Development Applications Engineering Parks Services Transportation
REVIEWED BY STAFF REPORT I AGENDA REVIEW SUBCOMMITTEE
4574870
REPORT CONCURRENCE
CONCURRENCE CONCURRENCE OF GENERAL MANAGER
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INITIALS:
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FIN - 93
May 8, 2015 - 2 -
Staff Report
Origin
In compliance with section 937.01 of the Local Government Act, the City is required to prepare a Development Cost Charges (DCC) report on or before June 30th
, with information from the previous year. The DCC report must include the following, reported under subsections (2) and (2.1) of section 933 for which the local government imposes development cost charges in the applicable year:
(a) the amount of development cost charges received; (b) the expenditures pom the development cost charge reserve funds; (c) the balance in the development cost charge reserve funds at the start and at the end of the
applicable year; (d) any waivers and reductions under section 933.1 (2).
Analysis
The City's 2014 Annual DCC Report covers the following six broad categories:
(i) Description and principles of the City of Richmond's DCC program, (ii) 2014 DCC reserve fund balances; (iii) 2014 DCC credits; (iv) 2014 and 2015 DCC programs; (v) Waivers and reductions; and (vi) Municipal assist factor.
The 2014 Annual Development Cost Charges Report includes contribution amounts for which the City holds a Letter of Credit from the developer, the cash will be received in the future based on the defined payment schedule. The Report does not include amounts received as of December 31, 2014 that are not confirmed due to potential DCC credits. These amounts, if applicable, will be reported in future periods.
A copy of the 2014 Annual Development Cost Charges Report, which will be available for public viewing on the City's website on June 30, 2015, is attached for information.
FIN - 94
May 8, 2015 - 3 -
Conclusion
The attached 2014 Annual Development Cost Charges Report is in compliance with the annual reporting requirements as prescribed under section 937.01 of the Local Government Act.
ci£i Manager, Financial Reporting (604-276-4077)
CG:cg
Att. 1: 2014 Annual Development Cost Charges Report
FIN - 95
2014 ANNUAL DEVELOPMENT COST CHARGES REPORT
4574873
For the year ended December 31, 2014
City of Richmond's Vision: To be the most appealing, livable, and well-managed community in Canada
FIN - 96
CITY OF RICHMOND
2014 ANNUAL DEVELOPMENT COST CHARGES REpORT
This 2014 Annual Development Cost Charges (DCC) Report is prepared by the City of Richmond pursuant to Section 937.01 of the Local Government Act. This report contains information pertaining to the following reporting requirements:
1. Description and Principles of the City of Richmond's DCC Program
II. 2014 DCC Reserve Fund Balances
III. 2014 DCC Credits
IV. 2014 and 2015 DCC Programs
V. Waivers and Reductions
VI. Municipal Assist Factor
I. DEVELOPMENT COST CHARGES PROGRAM
What are Dee's?
Development Cost Charges (DCC's) are charges levied on new development to assist in financing the cost of upgrading or providing infrastructure services or acquiring and developing parkland needed to support new development. The purpose ofDCC's is to assist the municipality with accommodating development by providing a dedicated source of funding for the capital costs of:
• New arterial roads and widening of arterial roads, traffic signals, sidewalks, pedestrian and bicycle lane improvements, transit-related road infrastructures, and traffic safety projects;
• Water mains, drainage mains, pump stations and channel improvements, sanitary sewer mains and pump stations; and
• Acquisition and development of parkland (playing fields, drainage and irrigation, turf, etc.)
What is the purpose of the Dee Program?
The DCC program is one of the many pieces of the City's broader community development framework. It is developed in ways that are consistent with the City's long-term planning objectives and financial strategies. The objective of the DCC program is to ensure that those people that will use and benefit from the services provided will pay their share of the costs in a fair and equitable basis. The DCC program provides the information and basis in which DCC rates are derived, allowing for information transparency and accountability to the public.
4574873 Richmond FIN - 97
CITY OF RICHMOND
2014 ANNUAL DEVELOPMENT COST CHARGES REPORT
What are the guiding principles in developing the Dee program?
Each local government has a fundamental philosophy with respect to development and the government's role in facilitating development. The City of Richmond's DCC program has been developed to be consistent with the following legislation, plans, and policy guides:
• Local Government Act
.. Development Cost Charges Best Practices Guide
• Liveable Region Strategic Plan, 1999 (Greater Vancouver Regional District)
• Official Community Plan (OCP) Bylaw
• Richmond Urban Development Forecast
.. Parks, Recreation and Cultural Services Master Plan 2005 - 2015
.. 2022 Parks and Open Space Strategy
• Parks Land Acquisition and Development 2006 DCC Program
.. City Centre Transportation Plan
.. City Centre Area Plan (CCAP)
Furthermore, to ensure that affected stakeholders are informed about the DCC program, the City is required to consult with and obtain comments and input from representatives from the development industry. They include representatives from the Urban Development Institute (UDI), Greater Vancouver Home Builders Association (GVHBA), National Association of Industrial and Office Properties (NAIOP), and small local homebuilders and developers.
How are Dee rates derived?
The City began the DCC process by determining the amount of growth that was projected to occur over a specified future period of time. The growth projections were based on information received in 2008 for the various types of residential development (e.g. single family, duplex, townhouse, apartment), as well as commercial, industrial, and institutional growth, growth areas, and major servicing needs that can be found in the CCAP.
Following the growth projections, the City identified specific infrastructure works that were required to accommodate the growth. The estimated infrastructure costs were determined and formed the basis of the DCC Program.
DCC's collected in 2014 were based on rates established in Development Cost Charges Bylaw No. 8024, Amendment Bylaw No. 8396 that was adopted on September 14,2009.
4574873 2 FIN - 98
CITY OF RICHMOND
2014 ANNUAL DEVELOPMENT COST CHARGES REpORT
How are Dee's used?
Funds collected through DCC's must be deposited in a separate reserve account. These funds may only be used to pay for the capital costs of the works and short-term financing costs of a debt incurred for capital works identified in the DCC program.
DCC's cannot be used for costs incurred to replace, operate and maintain parks, roads, water mains, sanitary and storm sewers already in place to serve the existing residents of the City. In addition, DCC's collected cannot be used to pay for services such as recreation, policing, fire and library that are affected by growth.
How are costs allocated to growth and existing users?
To achieve the 0 bj ective of promoting growth and to ensure the use of a fair and equitable basis of allocating costs, the costs of the DCC works are allocated between growth and the existing population on the basis of benefits.
II. 2014 DCC RESERVE FUND BALANCES
The City records and maintains separate accounts for each DCC reserve fund. The follow table provides a continuity schedule of each DCC reserve fund (by service) for the 2014 fiscal year:
(amounts expressed in thousands of dollars)
January 1 Transfers Interest DCC Transfers December 31 Balance In Earned Credits Out Balance
Basic: Roads $ 22,452 $ 2,736 $ 257 ($ 622) ($ 3,410) $ 21,413 Drainage 15,549 1,218 245 (226) 16,786 Water 4,417 408 58 (615) 4,268 Sewer 11,218 602 121 (50) (332) 11,559 Parks Acquisition 14,463 6,179 234 (289) (11,169) 9,418
Parks Dev e 1 opm ent _----:---,--12,-"-, -,..5 9,--2_----c,----~2,'-5_:_92--_:__-1-8:_c8--_:_:______:__,_______:_----'--(1--'-, 8--,--8_3-L) _-----:-_1_3-'---,4_8-'--9 Total Basic $ 80,691 $ 13,735 $ 1,103 ($ 961) ($ 17,635) $ 76,933
Local Area - West Cambie: Roads $ 2,490 $ - $ 50 $ - $ - $ 2,540 Drainage 748 44 13 (1) 804 Water 114 9 2 125 Sewer 253 18 5 276 Parks Acquisition 2,447 416 32 (1,129) 1,766 Parks Development 469 52 521
--~--------------~-~-------
Total Local Area $ 6,521 $ 539 $ 102 $ - ($ 1,130) $ 6,032
Total DCC Reserve $ 87,212 $ 14,274 $ 1,205 ($ 961) ($ 18,765) $ 82,965
4574873 3 FIN - 99
CITY OF RICHMOND
2014 ANNUAL DEVELOPMENT COST CHARGES REpORT
III. 2014 DCC Credits
Site Address Developer
Drainage
No credits for drainage were issued during 2014.
Parkland Acquisition
10011 River Road
Roads
6951 Elmbridge Way 6160 London Road
Sewer
10011 River Road
Water
Pare Riviera
Onni "Ora" Oris Development (Kawaki) Corp.
Pare Riviera
No credits for water were issued during 2014.
IV. 2014 and 2015 DCC PROGRAMS
Drainage
The projects in the Drainage DCC Program include storm sewers, pump station upgrades, and new pump stations, and development coordinated works.
A summary of the projects funded by the Drainage DCC's during 2014 and the projects set to begin in 2015 is contained in Appendix 1.
Parkland Acquisition and Park Development
The projects in the Parks Acquisition DCC Program include acquisition of land for parks and open space required to meet the needs of growth. The projects in the Parks Development DCC Program include park planning and design, and construction projects required to meet the needs of future growth. The typ'es of parks include urban parks, community parks, neighbourhood parks, trails, natural areas and waterfront parks.
A summary of the projects funded by the Parks Acquisition and Parks Development DCC's during 2014 and the projects set to begin in 2015 is contained in Appendix 2.
4574873 4 FIN - 100
CITY OF RICHMOND
2014 ANNUAL DEVELOPMENT COST CHARGES REpORT
Roads
The projects in the Roads DCC Program include intersection and traffic signal improvements, selected arterial and collector improvements, pedestrian and cyclist improvements, transit-related road infrastructure, traffic safety projects, and debt repayments.
A summary of the projects funded by the Roads DCC's during 2014 and the projects set to begin in 2015 is contained in Appendix 3.
Sewer
The projects in the Sewer DCC Program include pump stations, sewer upgrades, and development coordinated works.
A summary of the projects funded by the Sewer DCC's during 2014 and the projects set to begin in 2015 is contained in Appendix 4.
Water
The projects in the Water DCC Program include watermain replacement and upgrades, infrastructure advanced design, and development coordinated works.
A summary of the projects funded by the Water DCC's during 2014 and the projects set to begin in 2015 is contained in Appendix 5.
4574873 5 FIN - 101
CITY OF RICHMOND
2014 ANNUAL DEVELOPMENT COST CHARGES REpORT
V. WAIVER AND REDUCTIONS
Section 933.1 of the Local Government Act provides the option for municipalities to exempt or waive DCC's for the following classes of eligible development:
• Not-for-profit rental housing, including supportive living housing; • For-profit affordable rental housing; • Subdivisions of small lots that is designed to result in low greenhouse gas emission; and • Developments designed to result in low environmental impact.
For year 2014, no waivers or reductions were granted.
VI. MUNICIPAL ASSIST FACTOR
The Local Government Act recognizes that it would be unfair to impose on new development all of the costs that are attributable to new development. As such, the Local Government Act stipulates that an assist factor will be included as part of the calculation ofDCC's. An assist factor represents the City'S contribution towards the capital costs for the projects that are attributed to new development. In determining the municipal assist factor, the City considered the following factors:
• Future land use patterns and development; • Phasing of works and services; • Whether the charges are excessive in relation to the capital costs of prevailing standards
of service; • Whether the costs will deter development; or • Whether the charges will discourage the construction of reasonably priced housing or the
provision of reasonably priced serviced land.
Based on the above factors, the City of Richmond's municipal assist factor has been set at 1 %.
4574873 6 FIN - 102
ApPENDIX 1 DRAINAGE PROJECTS
DRAINAGE - 2014 Expenditures
This table summarizes all projects from 2014 and earlier that had expenditures funded by the Drainage DCC's during 2014:
Location Type of Infrastructure / Description
Bath Slough Bath Slough pump station upgrade
City-wide Developer coordinated works
Peace Arch Drainage Area Drainage replacement upgrade
No.1 Road North Pump station upgrade
No.2 Road North Pump station upgrade
Williams Road Pump station upgrade and replacement of drainage main
DRAINAGE - 2015 Projects
This table summarizes all projects funded by the Drainage DCC's that are set to begin in 2015:
Location Type of Infrastructure / Description
Dyke Road Horseshoe Slough pump station rebuild
4574873 7 FIN - 103
ApPENDIX 2 PARKS PROJECTS
PARKS - 2014 Expenditures
This table summarizes all projects from 2014 and earlier that had expenditures funded by the Parks DCC's during 2014:
Location Type of Infrastructure / Description
City-wide Advanced design
City-wide Characterization - neighbourhood parks
The Gardens Gardens Agricultural Park
City-wide General development
King George King George Park master plan
Middle Arm Middle Arm Park
City-wide Parkland acquisition repayment
Railway Avenue Railway A venue Greenway
Terra Nova Terra Nova Park
Thompson Thompson Integrated Youth Park
City-wide Trails
City-wide Tree planting
PARKS - 2015 Projects
This table summarizes all projects funded by the Parks DCC's that are set to begin in 2015:
Location Type of Infrastructure / Description
Garden City Lands Garden City lands phase 1
Lang Park Lang Park redevelopment - park characterization
Middle Arm/ Hollybridge Area Middle Arm/Hollybridge Pier
City-wide Parkland acquisition
West Cambie Parkland acquisition - West Cambie
City-wide Parks advance planning & design
City-wide Parks general development
The Gardens The Gardens agricultural park
4574873 8 FIN - 104
ApPENDIX 3 ROADS PROJECTS
ROADS - 2014 Expenditures
This table summarizes all projects from 2014 and earlier that had expenditures funded by the Roads DCC's during 2014:
Location Type of Infrastructure / Description
City-wide Accessible pedestrian signal program
City-wide Active transportation improvement program
City-wide Functional and preliminary design (Transportation)
City-wide Infrastructure advanced design
Alderbridge Way to Minoru Blvd Interim Lansdowne Road Extension
City-wide Intersection improvements
City-wide Neighbourhood Traffic Safety Program
Westminster Hwy to Blundell Rd Nelson Road widening
City-wide Pedestrian and roadway improvements
No.6 Road Road Widening
Westminster Hwy / Gilley Rd Roadway Construction
City-wide Special crosswalk program
Cambie Road / Stolberg Street Traffic Signal Installation and Major Upgrades
City-wide Traffic Signal Installation and Major Upgrades
City-wide Transit Related Infrastructure Improvements
ROADS - 2015 Projects
This table summarizes all projects funded by the Roads DCC's that are set to begin in 2015:
Location Type of Infrastructure / Description
City-wide Accessible pedestrian signal program
City-wide Active transportation improvement program
City-wide Arterial roadway improvement program
City-wide Functional and preliminary design (Transportation)
Shell Road Neighbourhood walkway program
City-wide Infrastructure advanced design
City-wide Special crosswalk program
Burkeville Traffic calming program
City-wide Traffic signal program
City-wide Transit-related amenity improvement program
City-wide Transit-related roadway improvement program
4574873 9 FIN - 105
ApPENDIX 4 SEWER PROJECTS
SEWER - 2014 Expenditures
This table summarizes all projects from 2014 and earlier that had expenditures funded by the Sewer DCC's during 2014:
Location Type of Infrastructure / Description
City-wide Developer coordinated works
Montrose (Broadmoor Area) Pump station replacement
Lane North of 5600 Cedarbridge Pump station upgrade
Bridgeport Area Rehabilitation and upgrades
East Richmond Rehabilitation and upgrades
Terra Nova Rehabilitation and upgrades
SEWER - 2015 Projects
This table summarizes all projects funded by the Sewer DCC's that are set to begin in 2015:
Location Type of Infrastructure / Description
Leslie Road Sanitary pump station
4574873 10 FIN - 106
ApPENDIX 5 WATER PROJECTS
WATER - 2014 Expenditures
This table summarizes all projects from 2014 and earlier that had expenditures funded by the Water DCC's during 2014:
Location Type of Infrastructure / Description
Cobeck Rd Watermain replacement
Foster / McMath Watermain replacement
Richmond Gardens Watermain replacement
Steveston East Watermain replacement
City-wide Watermain upgrades and replacements
WATER - 2015 Projects
This table summarizes all proj ects funded by the Water DCC' s that are set to begin in 2015:
Location Type of Infrastructure / Description
Lulu Island North Area Watermain replacement
Lulu Island West Area Watermain replacement
4574873 11 FIN - 107
To:
City of Richmond
Finance Committee
Report to Committee
Date: May 8, 2015
From: Jerry Chong File: Director, Finance
Re: Financial Information _1 st Quarter March 31, 2015
Staff Recommendation
That the staff report titled, "Financial Information - 1 st Quarter March 31, 20 15", dated May 8, 2015 from the Director, Finance be received for information.
J Director, Fmance (604-2 7 6-4064)
REPORT CONCURRENCE
ROUTED To: CONCURRENCE CONCURRENCE OF GENERAL MANAGER Building Approvals g
+ Community Bylaws ~ ~
Community Social Development [3
Development Applications [3
Economic Development 13 Engineering B Fire Rescue [3
Parks Services GI Project Development Q
Public Works GI RCMP G Recreation Services [3
Library Services 13
REVIEWED BY STAFF REPORT I INITIALS:
AU:BY~ AGENDA REVIEW SUBCOMMITTEE
~ -
4572106 FIN - 108
May 8, 2015 - 2 -
Origin
Financial information for the 15t quarter (ended on March 31, 2015) is being provided to the Finance Committee for review. The report provides details on the economic environment, financial results and other key indicator information.
Analysis
Macroeconomic Indicators & Forecast
1) Global Growth - Real GDP % Change 1
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
·2.0
-4.0
2007 2008 2009 2010 2011 2012 2013 2014 2015f 2016f
- Canada - United States - China - World
• The global growth forecast for the next two years remained largely unchanged in Ql 2015, at 3.5% in 2015 and 3.8% in 2016, as the outlook for advanced economies has improved while growth in emerging and oil-exporting economies has weakened.
• Advanced economies are generally benefiting from low oil prices, with US growth projected to be above 3% through the next 2 years.
• Canadian growth projections were revised slightly down as the effects of slowing down oil exp0l1s are absorbed through the national economy.
2) Interest Rates - US and Canadian Overnight Central Bank Rate % at Year-End2
5.00
4.00
3.00
2.00
1.00
0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015f2016f
- US FED - Canada BOC
1 International Monetary Fund, World Economic Outlook (April 2015)
2 US Federal Reserve, Bank of Canada and Royal Bank Research
4572106
• In a surprise move in January 2015, the Bank of Canada dropped the overnight rate by 0.25 points and the forecast is for the rate to potentially drop further in 2015 prior to gradually adjusting to 1.75% in 2016.
• As the US economy accelerates through 2015, the US overnight rate is also expected to climb in 2015.
• Both rates are projected to climb faster in 2016 than previously estimated to curb inflationary and currency pressures.
FIN - 109
May 8, 2015
3) Exchange Rates - CADIUSD at Year-End 3
1.45
US
1.25
1.15
1.05
0.95
0.85
0.75
2006 2008 2010 2012 2014
- CADper $1 USD
- 3 -
2016f
Regional & Local Economic Activity Indicators
4) Unemployment 4
7.5
7.0
6.5
6.0
5.5
5.0
Q2-12
- Canada - BC - Metro Vancouver
5) Consumer Price Index (Cpr - 2002=100) 4
128.0
126.0
124.0
122.0
120.0
118.0
116.0
114.0
112.0
Q2-12
- Canada - BC - Metro Vancouver
3 Bank of Canada
4 Statistics Canada
4572106
Q1-1s
Q1-1s
• The sharp drop in oil priCes, the Bank of Canada's interest rate adjustment in January and increased investor preference for US dollars have resulted in and will continue to depress the Canadian dollar against the US dollar through 2015.
• The Canadian currency is expected to recover in 2016 due to the market expectation of interest rate hikes in Canada and an assumption of oil prices settling at approximately $77 a barrel.
• After falling to 6.6% at the end of2014, its lowest level since 200S, Canadian unemployment edged up to 6.S% in Ql 2015, largely due to job losses in Alberta.
• 16,500 full-time job losses in the resource sector in February resulted in an increase of the unemployment rates in BC and Metro Vancouver, to 5.S% and 6.1%, respectively, in Ql 2015.
• After falling in Q4 2014, all of the Canadian, BC and Metro Vancouver consumer price indices (Cpr) increased further in Ql 2015, due to an upward trend in world oil prices.
• The Bank of Canada's lowering of the overnight interest rate in January as a result of deflationary concern also contributed to an increase in the CPI indices across the board.
FIN - 110
May 8, 2015 - 4 -
6) Housing Starts 5
[-::-':~=""~'C~cc=c .. ,:.:::~-~,~~ii~g St~rt-;-- - ___ H____=_==:"=.=] . After doubling in the second half of
l ."""."......".., 2014 compared to the same period in , j
:;; 2000"1
~ 1sool 8 <: .. -:> I
~ 1000~ ~ :
I soo -i
600 · R<- ' I 2013, Richmond's housing starts were rsoo nearly 29.7% down in Q1 2015,
compared to the same quarter last year.
1
1-400
~ g 1i
r::: ~ ~ ioo
The decline signals depletion of construction projects started throughout 2014 as a result of the large number of development applications approved in 2012.
01 Lo --~--':'~~'~--'i~~,~~~~, ~~.....---.--, -~~-,~ ~~.~.
• In Metro Vancouver, housing starts fell a moderate 6.3%, contributable to the typical decline in this indicator during the winter.
Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-i S
Source: CMHC
7) House Sales & Prices ~ Richmond 6
."
'0 '" .. ... c :>
---------------------------~
Source: CMHC &. ftEBGV
5 CMHC 6 Real Estate Board of Greater Vancouver 4572106
•
•
House sales in Q 1 2015 marked the highest quarterly activity in the last two years. Driven by a falling Canadian dollar, sales in all residential categories were approximately 30% up from the same quarter last year and 20% up from Q4 in 2014 .
Prices of detached homes have reached $1.32 million, up 17% from the same quarter last year. Townhouses were also priced substantially higher, at 20% up in Ql 2015 compared to Ql 2014. Apmiments registered the smallest relative price increase, at 1.4% in Q 1 2015, compared to the same quarter last year.
FIN - 111
May 8, 2015
8) Building Penn its - Richmond 7
2013 2014
Source: Cfly of Richmond
Richmond Construction Value
§ ·il
a i5 50 u
o ..... .... ( ..... .... /
C!'I rr'J M "'" ~ ~;'~ 6. ~ ~ ~ ~ ~ z
Source; City of PJcftm.ond
7 City of Richmond Building Permits 4572106
;!; .. ,.. ~ ~
;!;
~
2015
:'< on ~ rl
~ I:: L
Z .0: ~
- 5 -
, Permit Type
• ResJdenlial
• CMlmerclal
• Industrial
• Total building pennits issued in Ql 2015 increased by 2.8% compared to the same period in 2014, with residential permits leading the trend with 16.7% more permits issued than in Ql 2014.
• The number of commercial penn its was down 14.8% and the number of industrial permits was up by 6.5% in Q 1 2015 compared to the same quarter in 2014.
•
•
Of note is the substantial increase of construction value associated with building pennits issued in Ql 2015, with total construction value growing 185% to $379 million in Ql 2015, compared to the same quarter last year.
Building permits issued for large residential projects in the Oval Village and West Cambie are behind the construction value trend.
FIN - 112
May 8, 2015 - 6 -
9) Commercial Space 8
a) Industrial Space
Industrial Space Inve ntory (SF)
___ , ______ ~B__ I --~-----'"--I~~1 200K j I : I
190K .I I •• I Illil-Metrovancouver 180KJ _ _ . _. _ J - Richmond
::11,1'111111 1 m 03 Q4 1 01 02 Q3 Q4 i Q1
Industrial Space Vacancy (%)
01 --.....1 .. - 0----••••. ,.--_._--- -r-·-···-··~-··~· ··
02-13 Q3-13 Q4-13 01-14 02-14 03-14 Q4-14 Q1-15
Scurcft; Cushman S. W(Jk.efJe,rr;
b) Office Space
Office SpI.e Inventory (SF)
...... L. 2013 2014 2015
I 54K-1
52~ 1 I • Melro Vancouver SOK 1 ·'·1 • Richmond
i • Ri-::hmond Transit 4400··1 i Onented
:1. ,
i 02 Q3 Q4 01 02 Q3 Q4 Ql
Office Space Vacancy (%) --20'-------·----·- .... - - --
~15 -------~
>~" 10 I fj 1 ====-==::::...c-"'----- -~ '--------------------~----o 51
01.,_ 02·13 03-13 Q4-13 01-14 02·14 Q3-l4 04-14 Q1-15
Source: Cushman & Wakef.i'e/l1
8 Cushman & Wakefield Office and industrial Market Beat Reports 4572106
• Industrial space continues to be scarce in Richmond, with no new inventory added since the same quarter last year.
• Ongoing demand and absorption of industrial space resulted in a decrease in the vacancy rate from 4.7% in Ql 2014 down to 4.0% in Ql 2015 .
• Industrial space continues to be in high demand and rental rates continue to be at a premium both in Richmond and in the region.
• Richmond ' s office vacancies continued to be absorbed, as the overall office vacancy rate ended the quarter at 14.1 %, down 18% from the same quarter the previous year.
• At 4.5%, transit-oriented office space vacancy contin~ed to decline, 15% down from the same period last year and well below the overall Metro Vancouver rate which is at 11.2%.
• No new square footage of office space was added to the Richmond inventory, with the inventory remaining at 4.4 million square feet since the end of 20 11.
FIN - 113
May 8, 2015
10) Business Growth - Richmond 9
a) Total Valid Business Licenses
Valid Buslnes. License.
2010 2011 2012 2013 2014
Source: Chy of Richmond
b) New Business Licenses Issued
Richmond New 8uslnes, U,ence, ~ Number & Employecs ......... -............ _." .. -... -...•.. -... -........ . .. _ ..... " ........... _ .................. --. .... .
L:J IlIlIhhl~IIIIIIIIILI Il 800...!
1 ~JllllJlllbllnllluh 11i~~~1~~~~~~ii1~i~~;~~~~ 2~~~ .... .iJlo~2)~~~ « ~~ ..... ~~o~21~~!i1
SQiffr:Q: City of PJehff'lf)/1d
New Buslne5s UQcnses· Commerclill Space Added
9 City of Richmond Business Licenses 4572106
Commercial Splice Tvpe . Off« • Retail
• Warehouse
- 7 -
2015
• V alid business licenses in 2015 are on track with 2014 levels, down only 1.5% compared to last year.
• Continued implementation of the Inter-municipal Mobile Business License program is patiially responsible for the ' recent reduction in valid licenses, with revenues registering an increase due to growing compliance by resident businesses.
• There were 348 new licenses issued in Ql 2015, on par with the previous qualier and the same quarter last year.
• New licenses registered 1,026 employees in Ql 2015, down II % from the same quarter last year.
• There were fewer employees and less square feet of commercial space occupied due from new business licenses in Ql 2015 compared to Ql 2014.
• Office and retail space use from new licenses grew by 23% and 37% respectively in Ql 2015 compared the same quarter last year. Industrial space added through new licenses was half the amount of industrial space added in Ql 2014.
FIN - 114
May 8, 2015
11) Goods and People Movement
a) Regional Cargo Movement 10
Regional Cargo Movement
L_~_.~_ ~~T_~ __ L.Cl~_J __ ~_J_ .~~J~~~ __ .' ___ Cl4._J ~;~ .1 BOOK ! . i : I ' I
600K -1 !
. I
400K -!
200K-; Ii OK)... I.
I ~ .. •
Sour:ce: Vancouver Almort Autnority, Pori Metro Vancouver
b) Airport Passengers 11
2.0
'"" g 1.5 '
1 E 1.0 ~
~ , 0.5 "I
I 0.0 I
Sourc".; Vso?c-ower A/rpon Autkorlry
Airport Passengers
c) Richmond Hotel Room Revenue 12
Richmond Hotel Room Revenue
SourCE: City Of Richmond
10 YVR & PMV Monthly Cargo Statistics
II YVR Monthly Statistics
I ! •
- 8 -
Cargo Movement • Aft Cargo (Tonnes)
• Port Containers (TEU)
•
•
•
Increased export activity resulted in substantial growth of both airport and port cargo movement in Ql 2015 compared to the same quarter last year. Port Metro Vancouver (PMV) twenty-foot equivalent unit (TEU) movement grew 15.2% in Ql 2015 compared to Ql 2014.
YVR cargo grew 11 .7% in Q 1 2015, compared to QI 2014
• Airport passenger volume registered a 4.5% growth in Ql 2015 compared to the same quarter last year.
• An accelerating tourism sector and implementation of new routes to Asia and Europe are behind the continued growth of YVR passengers
•
•
After a strong 2014 with hotel room revenues climbing by 5% for the year compared to 2013, Richmond's tourism sector is on track for an even stronger 2015. Hotel room revenues to date are 5.9% up in 2015 compared to the same period last year and occupancy is at 80% - the highest in Canada. (Note: hotel room tax revenues are the basis for calculating hotel revenues; an overpayment of hotel room tax in July 2013 was compensated for in August 2013)
12 City of Richmond Additional Hotel Room Tax Ledger; revenue reverse calculated based on AHRT receipts representing 2% of total hotel room revenue; AHRT remittances and payments to Richmond have a 2-month lag 4572106
FIN - 115
May 8, 2015 - 9 -
Operating Activity
The following table presents budget, actual and commitment activity up to March 31, 2015. The net budget year-to-date (YTD) figure represents the first quarter budgeted activity accounting for seasonal demand. Actuals includes estimates for revenues earned and expenses incurred to date where invoices may not yet be issued or received. Commitments are contracts that have been entered into but services or goods have not been received.
Community Services $8,400 $7,276 $1,022 $8,298 $102
Corporate Administration 2,034 1,492 587 2,079 (45)
Engineering and Public Works 4,427 2,758 1,884 4,642 (215)
Finance and Corporate Services 3,683 3,118 476 3,594 89
Fire Rescue 7,727 6,985 438 7,423 304
Law and Community Safety 1,284 847 207 1,054 230
Library 1,651 1,468 101 1,569 82
Planning and Development 1,560 (1 ,1 76) 106 (1,070) 2,630
Policing 9,867 9,178 140 9,318 549
Fiscal and Transfers
Total transfers to reserves and provisions are included in the Fiscal and Transfers line. This presentation differs from the Operating Budget where
the transfers for each Division/Department were included in the individual line.
• The Community Services Division is slightly under budget for the first quarter of2015 due to vacancies and the on-boarding of the new City Centre.
• The Corporate Administration variance in the first quarter is due mainly to training and development programs that have been committed in the first quarter but will take place throughout the year.
• Engineering and Public Works has a variance in Ql due to Project Development commitments that have been initiated in the first quarter that will be spent throughout 2015.
• Finance and Corporate Services is on budget for the first quarter due to IT contracts that are committed in Q 1 for work to be performed throughout the year. Finance and Corporate Services is projected to have a surplus at year end due to unfilled vacant positions within Finance and IT, lower contract maintenance costs in IT and higher business licences revenue relative to budget.
• Richmond Fire Rescue is expected to be under budget at the end of the year due to vacancies. Recruitment for firefighters is currently underway and is expected to be filled in the fall of2015.
4572106
1.2%
(2.2%)
(4.9%)
2.4%
3.9%
17.9%
5.0%
168.5%
5.6%
0.6%
FIN - 116
May 8, 2015 - 10 -
411 Law & Community Safety is expected to have a moderate surplus due to higher revenues relative to budget in Bylaws and operational savings.
• The Library is under budget for the first quarter due to vacant positions. Recruitment is currently underway and the library expects to be on budget for the year.
• Planning and Development has realized an increase in building permit revenue through the 1st quarter. The favourable variance is based on stronger multi-residential permits. It is anticipated the construction activity will remain stable through the 2nd quarter. Building permit revenue is recognized as earned and therefore the projected surplus includes an estimate of the amount that is earned in 2015 from amounts collected from previous years, offset by an estimate for the building permits received in 2015 that will be earned in future years.
The Development Applications Department has realized higher than budgeted development application revenues during Q 1 of 20 15. The total number of development applications submitted to the City year to date is in keeping with anticipated application volumes. It is anticipated the development activity and revenues will continue to be stable through the 2nd quarter.
• Policing is targeted to be on budget by the end of the year. The RCMP's year-end adjustment is expected to be reflected on the second quarter invoice.
411 Fiscal and transfer to reserves and provisions are on budget for the year.
Gaming Revenue
• Gaming revenue for Ql 2015 was $5.25M compared to $4.48M for the same quarter in 2014, representing an increase of 17.3%. This amount represents 10% of net gaming income calculated as total gaming revenue less direct costs, facility operating expenses and corporate overhead and support.
• This increase is due to a 3% increase in total River Rock gaming revenues and a 9% reduction in total expenses. The decrease in expenses mainly relates to a reduction in corporate overhead and support for BC Lottery Corporation's administrative and operating costs compared to the same quarter in 2013.
• Gaming revenues at River Rock increased by 3% in the first quarter of2015 when compared to the first quarter of2014. This growth was primarily due to an 8% increase in slot win, partially offset by a 0.5 percentage point decrease in slot win percentage. Table hold increased by 1 % partially attributable to the expansion of the VIP gaming area and additional tables added to the Phoenix room in the first quarter of2015Y
13 Great Canadian Gaming Corporation: Management's Discussion and Analysis/or the Three Month Period Ended March 31, 2015 4572106 FIN - 117
May 8, 2015 - 11 -
Active Capital Project Summary
The 2015 Capital Budget of $86.5M (excluding internal transfers and debt repayments) is included in the figures below as are the amounts relating to capital projects from previous years' Capital Budgets which remain active. The current balance committed to active capital projects is $333.4M.
4572106
Statement of Active Capital Project Expenditures As at March 31, 2015 (in $'OOOs)
Budget Spent to Date Committed Infrastructure Pro gram Building Program Land & Parks Program Equipment Program
$204,828 167,500 86,186 38,582
$85,142 30,854
27,933 17,815
$119,686 136,646 58,253 18,767
Grand Total $495,096 $161,744 $333,352
Q,j Q..
C Q,j (J
·E
Infrastructure
Building Program
~ Land & Parks Program
Equipment Pro gram
Active Capital Project Summary
$0 $40 $80 $120 $160
Millions
Highlights of key capital projects are presented in Appendix 3.
• Spent to Date
• Budget
$200
FIN - 118
May 8, 2015 - 12 -
Cash and Investment Portfolio
The City's cash and investment portfolio at March 31,2015 was $860.8M, with an average yield on investment of 1.97%. The current low interest rate environment and the City's cash flow projections have influenced the terms and types of investments that the City holds (Appendix 4)
Market Interest Rates (for analytical purposes only) - --------------~~ - -- -- -~------
March 31 , 2015 3 Month Government of Canada T -Bills 0.54% 2 Year Government of Canada Bonds 0.49% 5 Year Government of Canada Bonds 0.75%
10 Year Government of Canada Bonds 1.33% Source: Bank of Canada
The Canadian economy stalled in the first three months of2015 primarily as a result of the oil price shock where the impact was more front-loaded than predicted in January by the Bank of Canada. However, some of the negative impact brought on by the sharp decline in energy prices was offset by stronger non-energy exports, increased investments and improved labour markets. The improvement to the Canadian economy is expected to continue due to exports and U.S. investment due to the weakened Canadian dollar. Although the Bank of Canada lowered its recent Canadian growth forecast due to a larger than anticipated drag on the economy, it felt that the current degree of monetary policy stimulus was appropriate and therefore maintained the benchmark overnight rate at 0.75 per cent at its April 15, 2015 interest rate announcement.
The City continues to comply with its Investment Policy (3703) by carrying a diversified investment portfolio with strong credit quality, meeting the objectives of managing its investment activities in a manner that seeks to preserve capital and to realize a reasonable rate of return.
4572106 FIN - 119
May 8, 2015 - 13 -
Contract Awards
This report provides information on the formal contracts awarded by the City during the 1 st
quarter. During this period, 56 contracts greater than $25,000 were awarded totalling over $8.27M (Appendix 5).
Financial Impact
None.
Conclusion
The City of Richmond has begun 2015 on similar notes to that of 2014 with stable economic indicators. The City is maintaining its · strong financial position through continued business retention, building construction and development activity, and revenue collection. It is expected that these trends wil . ontinue throughout 2015.
Cind llfill, CPA, CMA Manager, Financial Reporting (604) 276-4077
Att.l: Att.2: Att.3: Att.4: Att.5:
4572106
Economic Indicators Financial and Key Indicators Capital Project Highlights Cash and Investment Portfolio Contract Awards
FIN - 120
May 8, 2015 - 14 - Appendix 1
I Economic Indicators March 31,2015
Macroeconomic Indicators & Forecast
1) Real GDP - % Change 2013 2014 Change 2015f 2016f
Canada 2.0 2.5 25.0% 2.2 2.0
United States 2.2 2.4 9.1% 3.1 3.l
China 7.8 7.4 (5.1%) 6.8 6.3
World 3.4 3.4 0.0% 3.5 3.8
2) Interest Rates 2013 2014 Change 2015f 2016f
Bank of Canada 1.00 1.00 0.00 0.75 2.00
US FED 0.25 0.25 0.00 0.75 2.25
3) Exchange Rate 2013 2014 Change 2015f 2016f CAD per $1 USD 1.06 1.l6 9.4% 1.33 1.29
Regional and Local Market Indicators 4) Unemployment (%) Ql-2015 Q4-2014 Change Ql-2014 Change
Canada 6.8 6.6 3.0% 6.9 (1.4%)
BC 5.8 5.5 5.5% 5.8 0.0%
Metro Vancouver 6.1 5.8 5.2% 5.8 5.2%
5) CPI (2002=100) Qt-2015 Q4-2014 Change Ql-2014 Change
Canada 126.3 124.5 1.4% 124.8 1.2%
BC 119.8 118.1 1.4% 118.6 1.0%
Metro Vancouver 121.5 119.6 1.6% 120.3 1.0%
6) Housing Starts (Units) Ql-2015 QI-2014 Change
Starts - Metro Vancouver 4,283 4,571 (6.3%)
Starts - Richmond 589 838 (29.7%)
7) Richmond Residential Activity QI-2015 QI-2014 Change
Sales - Detached 511 395 29.4%
Sales - Townhouse 277 208 33.2%
Sales - Apartment 435 325 33.8%
Sales Total/Average Change 1,223 928 32.1%
YTD- YTD-2015 2014 Change
Average Price - Detached ($ at QE) 1,324,000 1,132,000 17.0%
Average Price - Townhouse ($ at QE) 651,000 541,000 20.3%
Average Price - Apartment ($ at QE) 368,000 363,000 1.4%
4572106 FIN - 121
May 8, 2015
I Economic Indicators
Regional and Local Market Indicators (continued)
8) Richmond Building Permits
Building Permits - Residential
Building Permits - Commercial
Building Permits - Industrial
Building Permits Total
Construction Value ($ million)
9) Commercial Space (at QE)
Office Vacancy (%)
Transit Oriented Office Vacancy (%)
Office Inventory (000 sf)
Industrial Vacancy (%)
Industrial Inventory (000 sf)
10) Richmond Business Growth
Total Valid Business Licenses (YTD)
New Licenses - Number Issued
New Licenses - Employees
New Licenses - Office Added (sf)
New Licenses - Retail Added (sf)
New Licenses - Industrial Added (sf)
Total Space Added (sf)/Avg. Change
11) Goods & People Movement
YVR Air Cargo (tonnes)
PMV Container Movement (TEUs)
YVR Passengers (million)
Richmond Hotel Revenue ($ miIIion)* * Hotel Revenue available to January only
Notes: a) b)
QE indicates quarter end YTD indicates year to date
List of Sources:
Ql-2015
217
104
49
338
379.4
Ql-2015
14.1
4.5
4,359
4.0
37,828
Ql-2015
13,118
348
1,026
80,962
46,262
119,988
247,212
Ql-2015
63,035
735,219
4.6
8.5
- 15 -
Ql-2014
186
122
46
354
133.0
Richmond
Ql-2014
17.2
5.3
4,359
4.7
37,587
Ql-2014
13,332
352
1,164
65,744
33,668
288,663
388,075
Ql-2014
56,440
638,262
4.4
6.7
1) International Monetary Fund. World Economic Outlook (April20J5) 2) US Federal Reserve, Bank o/Canada and Royal Bank Research 3) Bank o/Canada 4)5) Statistics Canada 6) CMHC 7) Real Estate Board o/Greater Vancouver 8) City 0/ Richmond Building Permits 9) Cushman & Wakefield Office and Industrial Market Beat Reports 10) City of Richmond Business Licenses
Appendix 1
March 31, 2015
Change
16.7%
(14.8%)
6.5%
2.8%
185.3%
Metro Vancouver
Change Ql-2015 Ql-2014 Change
(18.0%) 9.8 8.7 12.6%
(15.1%) 11.2 8.4 33.3%
0.0% 54,974 53,329 3.1%
(14.9%) 5.1 4.0 27.5%
0.6% 197,402 194,877 1.3%
Change
(1.5%)
(l.l %)
(l1.9%)
23.1%
37.4%
(58.4%)
(36.3%)
Change
11.7%
15.2%
4.5%
26.9%
11) YVR & P MV Monthly Cargo Statistics; YVR monthly statistics; City 0/ Richmond Additional Hotel Room Tax Ledger
4572106 FIN - 122
May 8, 2015 - 16 - Appendix 2
I Financial Indicators March 31,20151
(All dollar amounts in $OOO's)
1) Development Cost Charges Contributions Ql-2015 QI-2014 Change Roads, Water, Sewer DCC's Received $4,717 $ 286 1550.8% Parks DCC's Received $5,087 $ 215 2669.4%
Total DCC Fees Received $ 9,804 $ 500 1859.1% DCC Reserves to date - Uncommitted $45,013 $65,139 (30.9%)
2) Uncommitted Reserves QI-2015 QI-2014 Change Capital Funding Reserves $85,307 $ 55.781 52.9% Affordable Housing Reserves $3,108 $3,452 (10.0%) Other Reserves $140,884 $109,113 29.1% Total Uncommitted Reserves $229,299 $ 168,346 36.2%
3) Taxes to date Ql-2015 Ql-2014 Change
Taxes Collected $ 10,291 $ 10,432 (1.3%)
City Portion of Taxes Collected $ 5,043 $ 5,112 (1.3%)
Unpaid Taxes - Delinquent & Arrears $7,236 $7,207 0.4%
No. of Participants on Pre-authorized withdrawal 6,454 6,164 4.7%
Pre-authorized withdrawals monthly payments $7,953 $6,838 16.3%
Interest rate % paid 1.00% 1.00%
Sources: A II data is from City of Richmond records
4) Investments Ql-2015 Ql-2014 Change Total Investments $860,853 $728,736 18.1% Average City Rate of Return on Investments % 1.97% 1.97% 0.0
5) Planning and Development Ql-2015 Ql-2014 Change Building Permit Fees Collected $3,480 $1,599 117.6% Development Applications Received 60 39 53.8% Development Applications Fees $338 $123 174.2%
6) Business Licenses Ql-2015 Ql-2014 Change Revenue Received for Current Year Licenses $1,623 $1.618 0.3% Revenue Received for Next Year (Deferred) $ 72 $ 68 6.1%
Total License Revenue $1,695 $1,686 0.6% Year to date valid licenses and revenue include current year licenses issued in the prior year.
7) Other Revenues Ql-2015 Ql-2014 Change Parking Program Revenue $507 $443 14.5%
Gaming Revenue $5,256 $4,482 17.3%
Traffic Fine Revenue to date $ 787 $ nla 0%
Notes: a) All figures presented above are unaudited
4572106
FIN - 123
May 8, 2015 - 17 - Appendix 2
I Key Indicators March 31, 20151
8) Employees Ql-2015 QI-2014 Change
9)
10)
11)
4572106
Full Time Equivalent (FTE) Employees 1,435 1,426 0.6% (City and Library) FTE includes Regular Full Time, Temporary and Auxiliary status employees. The calculation is based on actual results excluding overtime.
Operating Indicators Ql-2015 QI-2014 Change Fire Rescue Responses 2,374 2,328 2.0% RCMP - Calls for Service Handled 15,846 16,245 (2.5%) Public Works calls for Service 2,802 2,730 2.6%
Affordable Housing 2015 2014 Change Subsidized Rental (units) 477 477 0.0%
Affordable Rental (LEMR) (units) 300 272 10.3%
Market Rental (units) 411 411 0.0%
Entry Level Home ownership (units) 19 19 0.0%
Secondary Suite / Coach House (units) 145 127 14.2%
Total Affordable Housing 1,352 1,306 3.4%
Ql-2015 Ql-2014 Change
Unspent Affordable Housing Funds Allocated to $8,344 $16,496 (49.4%) Capital Projects to date (in $ 000'8)
Floor Space secured, unit mix & other (sq feet) 119,069 70,857 68.0%
Richmond Population Estimate Year End * 2015F 2014
213,891 209,338
* Estimated population figures provided by City of Richmond - Policy Planning
FIN - 124
May 8, 2015 - 18 - Appendix 3
I Capital Highlights Infrastructure I
4572106
Westminster Hwy: Nelson Rd. to McMillan Way Widening Westminster Highway: Approved Budget: $10.4M (2011) 30% Complete
Preload works are completed. The main road construction contract has been awarded and will commence in May 2015.
Nelson Road Improvements - Widening Nelson Road between Blundell Road and Westminster Highway: Approved Budget: $4.1M (2011) 75% Complete
The main road construction contract has been awarded. Construction works on Nelson Road and Blundell Road are ongoing.
Alexandra District Energy Utility Expansion - Phase 3 Approved Budget: $12.1M (2015) 40% Complete
This project expands the energy capacity and distribution network of the existing utility to meet the needs of development in the service area.
Colbeck Road Area Watermain Replacement: Approved Budget: $2.8M (2014) 85% Complete
This project consists of replacing ageing watermains that are at the end oftheir service life. Construction is ongoing.
Bath Slough Pump Station Upgrade: Approved Budget: $4.2M (2013) 15% Complete
This project consists of the upgrading of the existing Bath Slough Drainage Pump Station, and is part of a larger strategy to increase the City's drainage capacity, increase pump station reliability and reduce flooding. The construction works are currently out for tender.
FIN - 125
May 8, 2015 - 19 - Appendix 3
I Capital Highlights Buildings I
4572106
Japanese Fishermen's Benevolent Society Building: Approved Budget: $667,000 (2014) 90% Completed
The exterior construction and interior renovation of the Japanese Building is substantially completed. Building operators are setting up exhibition lighting and displays for the opening in June 2015. Final occupancy of this project is tied to the completion of the Post Office Building Improvement Program, which began in midApril; target for completion is June 2015.
Minoru Mcljor Facility (Integrated Minoru Aquatic Centre/Older Adults Centre): Approved Budget: $79.6M (2014) 25% Complete
On November 12,2013, Council confirmed funding and site location for the new facility to be the Minoru 2 soccer pitch. Space programming for the facility was endorsed by Council on July 28,2014 and preliminary form and character endorsed by Council on October 27, 2014. Preload for the site is in place, ground densification is underway and the design development phase is 95% complete. The public engagement process is continuing through to project completion
Fire Hall No.1: Approved Budget: $21.5M (2014) 20% Complete
On November 12,2013, Council confirmed funding and the site location for the Fire Hall No.1 replacement. Space programming for the facility was endorsed by Council on July 28,2014 and the preliminary form and character endorsed by Council on October 27,2014. The relocation of Fire Hall No.1 staff and operations to City Hall West is complete. The design development phase of the project is complete. Demolition of the existing fire hall is to commence at the end of May 2015.
FIN - 126
May 8, 2015 - 20 - Appendix 3
I Capital Highlights Community ServiceslParks I
4572106
Railway Greenway: Approved Budget: $2.3M (2013) 95% Complete
The major trail construction work is completed. Work is proceeding on intersection improvements with completion expected in the spring of 20 15.
Terra Nova Heritage Building Restorations: Approved Budget: $2.0M (2005) 98% Complete
The restoration of the Cannery Store is complete. The restoration of the Edwardian Cottage is complete. Perimeter landscaping remaining.
Garden City Community Park: Bike Park & Birch Park: Approved Budget: $500K (2012)
Bike Park: Tree Planting to be completed.
95% Complete
Birch Park: 95% Complete Basketball Construction near completion with only line painting and hoop installation outstanding.
Garden City Lands Phase 1:
Approved Budget: $2.1M (2015) 2% Complete Request for proposal and design development is planned in May.
Lang Park Development: Approved Budget: $800K (2015) 5% Complete
The design process has started.
Middle Arm/ Hollybridge Pier: Approved Budget: $1.0M (2015) 5% Complete
The design process has started.
FIN - 127
May 8, 2015 - 21 - Appendix 3
I Capital Highlights Community ServiceslParks I
4572106
The Gardens Agricultural Park: Approved Budget: $316K (2012) & $1.1M (2015) 40% Complete
City construction for Phase 1 has been partially completed along with Servicing Agreement works completed by Townline Homes in fall, 2014. Further Phase 1 works will be completed in fall, 2015.
Minoru Sports Fields Redevelopment: Approved Budget: $5.7M (2014)
Opening ceremonies for the fields were held on April 11 th.
Tennis Courts sport surfacing to be installed in May. Deficiency repairs are underway.
98% Complete
FIN - 128
4572106
May 8, 2015 - 22-
Cash and Investment Portfolio March 31,2015 (in OOO 's)
Asset DBRS Issuer Yearof Investment
Class Long Term Maturity Cost
Rating
Federal
AAA Government of Canada T-Bill < 1 year $ 18,641
AAA Canada Housing Trust 2016 10,149
Total $ 28,791
Provincial
AA(low) Ontario 2015-2017 $ 101,651
AA British Columbia 2019 65,678
AAA Alberta 2016-2019 48,083
A (high) Quebec 2017 36,346
A (high) Manitoba 2016 12,000
Total $ 263,758
Chartered Banks
AA(low) National Bank of Canada 2018-2020 $ 45,882
AA Royal Bank 2016-2018 43,926
AA Bank of Nova Scotia 2017 38,733
AA Bank of Montreal 2017 38,622
AA CIBC 2018 38,553
AA Wells Fargo Canada 2017 24,631
AA(low) HSBC Bank of Canada 2017 22,925
A(low) Canadian Western Bank 2016 20,000
AA TO Bank 2016 19,258
AA Scotiabank 2016 14,000
Total $ 306,529
BC Credit Unions
Coast Capital Savi ngs < 1 Year $ 74,859
Vancity < 1 Year 67,856
Gulf and Fraser < 1 Year 49,689
Westmi nster Sa vi ngs < 1 Year 20,000
Total $ 212,404
Pooled Investment s
MFA Pooled Investment Fund $ 22,856
Total Investment Portfolio Balance $ 834,337
Total Cash & Cash Equivalents 26,516
Total Reported Investments and Cash & Cash Equivalents $ 860,853
I 4 to 5 years
3 to 4 years
2 to 3 years
1 to 2 years ~ 6 month s to 1 year J
3 to 6 months I
o to 3 months
50
I
100
Investment Maturity
1
150
..
I
200
Millions ($)
J
250
Weighted
Average Yield
to Maturity
1.97%
300
Appendix 4
%of Investment Li mit
Portfolio (% of Portfolio)
2.23%
1.22%
3.45% No Limit
12.18%
7.87%
5.76%
4.36%
1.44%
31.61% 50%
5.50%
5.26%
4.64%
4.63%
4.62%
2.95%
2.75%
2.40%
2.31%
1.68%
36.74% 50%
8.97%
8.13%
5.96%
2.40%
25.46% 30%
2.74% 20%
100.00%
350 400
FIN - 129
May 8, 2015 - 23 -
Item I I.
2.
3.
4.
5.
8.
9.
10.
II.
12.
13.
14.
4572106
Contract Awards> $25,000 January 1 S\ 2015 to March 31 S\ 2015
I I
Contract Name and Description Award I
!
F5361 Project Management and Coordination Dynamic Management Services for the Tempest System Solutions
F5265 Hansen Licenses
5316P Supply and Install Mechanical Rooftop Gateway Mechanical Units at Works Yard Services
5363Q Alexandra District Energy Utility Stuart Olson (ADEU) Phase 3 - Raft Slab for Building Construction Ltd Expansion
5364Q ADEU Phase 3 - Mechanical Works Stuart Olson Phase and the Polygon Building Construction Ltd
E:x.tn:;rm; Networks Support Renewal Island Key Computer
Maintenance / Licence ESRI Canada
"10' """'''"l
5376S Dell Server Extended Support Contract Dell Canada
5377Q Commvault Backup Software Support CDW Contract
5378Q Wmware ESX Vsphere Server Virtual Compugen Inc Machine
5367S Oracle (PeopleSoft) Licence Contract Canada ULC Renewal
5368S Open Text Licence Contract Renewal Open Text Corporation
5369S Tempest License Contract Renewal Tempest Development Group Inc
5319P Community Needs Assessment City Spaces Consulting Ltd
Supply & Delivery of One Motor PSE Equipment Ltd with Front Bucket
Appendix 5
I Amount I Division I
I
$44,000 Engineering and Public Works
$133,560 Engineering and Public Works
Engineering and $107,351 Public Works
$226,306 Engineering and Public Works
$1,611,941 Engineering and Public Works
$52,680 Finance and Corporate Services
$136,125 Finance and Corporate Services
$41,556 Finance and Corporate Services
$25,400 Finance and Corporate Services
$31,230 Finance and Corporate Services
$299,102 Finance and Corporate Services
$184,810 Finance and Corporate Services
$108,982 Finance and Corporate Services
$75,410 Community Services
$156,141 Engineering and Public Works
FIN - 130
May 8, 2015 - 24- Appendix 5
16. 5149P Consulting service - Hansen Public Infor (Canada) Ltd $454,630 Engineering and Sector Asset and Work Management System Public Works V8 .3 Upgrade
17. 5298Q On Call "Boarding Up" Services for Genesis Restorations $40,000 Law and Community Fire-Rescue and Facilities Services Ltd Safety
18. 5356P Pavement Management Model Update Opus International $38,796 Engineering and Consultants Ltd Public Works
19. F5365 Design and Construction Ongoing Corix Utilities Inc $61 ,608 Engineering and Consulting Services for ADEU Phase 3 Public Works Expansion
20. 5370Q Cambie Fire Hall 3 - Preload Tender Stuart Olson $448,812 Engineering and Package Construction Ltd Public Works
21. 5371Q Steveston Pool Bleacher Replacement Colter Developments $27,673 Engineering and Public Works
22. 5372Q Security Services - City Centre Bridge (Pro-Sound) $77,872 Engineering and Community Centre Via Ledcor Public Works
Construction
23. F5373 Supply and Delivery Portable Fences SportaF ence $45,900 Community Services Marketing Enterprises LLC
24. F5374 Queen Canal Culvert Design Kerr Wood Leidal $30,600 I Engineering and Associates Ltd. Public Works
25. 5381S Oracle Annual Software Support Oracle $37,606 Finance and Corporate Renewal Services
26 . 5310 EO! - Hydro geological Consultant for SNC-Lavalin Inc $47,305 I E' . d I ngmeermg an the Garden City Lands Public Works
27. F5388 Museum Track Lighting at Japanese Norburn Lighting & $ 37,209 Engineering and Fisherman's Benevolent Society Building Bath Via Penta Public Works
. Builders
28. 5397Q 2015 HV AC Upgrades - Design Bycar Engineering Ltd $30,250 Engineering and Services at Richmond Ice Centre Public Works
29. F5398 Chiller Overhaul at Watermania Trane Building $ 58,676 Engineering and Services Public Works
4572106 FIN - 131
May 8, 2015 - 25 - Appendix 5
I I ~ I Item I Contract Name ({nd Description : AlVaI'd I Amount Division
30. 5353Q Supply and Installation at Richmond
f--__ +--C_o_u_rt_h_o_u_se_ L_ig_h_tin_ g_. ______ ._. __ -+-. _______ -----+1-.------+--------.--
I Energy Network Services
$68,384 Engineering and Public Works
31.
32.
5289P Site Remediation for 14940 Triangle Golder Associates Ltd. I $52,640 Finance and Corporate Road I Services
F5441 F1ygt Submersible Pumps Xylem Canada Company
I $53,352
$34,130
Engineering and I Public Works
Finance and Corporate Services
33. F5442 demolition of residential prope~- MWL Demolition Ltd
9080 Williams Road _J -34~r-5413Q S~il Densific~tio~-=-M~oru- Complex --I-·s~~~~-oi~~;---I$i ,628,04'3-+-E-n-g-in-e-e--ri-n-g'--a~-d-'--
Construction I Public Works Subcontract I Vancouver Pile I
Driving I 35. 5360Q Minoru Silver Arena Evaporative Cimco Refrigeration $127,680 Engineering and
Condenser Replacement 2015 Public Works
36. 5248Q Supply and Delivery of 2 (Two) Mid Metro Motors $26,896 Engineering and Size Hybrid Sedans - *Only 1 unit awarded*
! Public Works
-- ----- ._--_._._-------37. 5399S Altiris Client Management Suite and CDW $28,700 Finance and Corporate
support renewal Services
38. F5400 Training Services for the Corporate MNPLLP $60,000 Corporate Admin Performance Measurement Program (CPMP)
39. F5402 A Long Range Facility and Deployment University of the $143,000 Law and Community plan for Richmond Fire and Richmond Police Fraser Valley Safety Services
---_.-_. ---- --40. 5404J Richmond Ice Centre Shower Re-Tiling Ashton Service Group $26,984 Engineering and
Public Works
41. 5405Q Ironwood Library - Interior Upgrades MAEng-Tech $57,598 Engineering and Construction Public Works
1-- i 42. 5412Q ADEU Phase 3 - Electrical Works for Stuart Olson I $54,896 Engineering and
, Building Expansion Construction Ltd I Public Works
43. 5417S Amanda Annual Support Contract CSDC Systems Inc $68,608 Finance and Corporate Renewal Services
I
1------. ------_._, .. _,",-_._- ._._"" .... _. ____ • ____ .. e -"-" --"-"-------
44. 5420J Works Yard Modular Site Office for the Ashton Service $101,986 Engineering and Sanitation and Recycling Department Public Works
45. 5421J Richmond Ice Centre - Flooring Ashton Service Group $86,072 Engineering and Replacement - Phase 1 I Public Works
46. F5422 Design and Construction of a Concrete PC Urban Properties $31,788 Engineering and Stairway Adjacent to the Pacific Autism Corp Public Works
I I Centre I I ..
I Stefan, Fraser & -------
47. F5423 Yearly Firefighter Assessment $48,000 I Law and Community I Associates Inc Safety
4572106 FIN - 132
May 8, 2015 - 26 - Appendix 5
I ! , i Item I Contract Name and Description I Award i Amount I Division
I i ! I 48. F5424 Logstor pre-insulated steel pipe for hot Corix Utilities Inc $75,307
I Engineering and
water distribution at Smart Centres site I Public Works
49. 5433Q South Arm Pool Showers Replacement Core Plumbing and $26,641 Engineering and Project Heating Ltd. Public Works
50. F5436 Design-build services for a children's MacDonald & $25,000 Community Services playground feature Lawrence Timber
Framing Ltd
5l. 5437Q Steveston Net Shed - Front Entrance MAEng-Tech $54,630 Engineering and Upgrades - General Contracting Services Construction Public Works
52. 4989P Self Contained Breathing Apparatus Guillevin International $549,523 Law and Community Co Safety
53. F5450 Red Cross Lesson Supplies - Minoru ('~n~rli:m Red Cross $25,000 Law and Community Aquatic & Watermania
1
Safety
54. 5451 S MS Windows Server Data Centre SoftChoice $65,960 Finance and Corporate License Services
55. 5452Q Proof Point Enterprise Protection - Secured Networks $28,6l3 Finance and Corporate Support and Configuration Inc Services
;6. 5351P Advertising for Emergency Notification Flip Digital $50,000 Law and Community System Safety
4572106 FIN - 133
To:
From:
City of Richmond
Finance Committee
George Duncan Chief Administrative Officer & President and CEO Richmond Olympic Oval
Andrew Nazareth
Report to Committee
Date: May 27,2015
File:
General Manager, Finance and Corporate Services & Chief Financial Officer, Richmond Olympic Oval
Re: 1st Quarter 2015 - Financial Information for the Richmond Olympic Oval Corporation
Staff Recommendation
That the report on Financial Information for the Richmond Olympic Oval Corporation for the first quarter ended March 31, 2015 from the Controller of the Richmond Olympic Oval Corporation be received for information.
George Duncan Chief Administrative Officer & President and CEO Richmond Olympic Oval
4583862
Andrew Nazareth General Manager, Finance and Corporate Services & Chief Financial Officer, Richmond Olympic Oval
FIN - 134
RICHMOND OlYMPIC OVAL
DATE: May 26, 2015
TO: George Duncan Chief Executive Officer, Richmond Olympic Oval Corporation
Andrew Nazareth Chief Financial Officer, Richmond Olympic Oval Corporation
john Mills
Chief Operating Officer, Richmond Olympic Oval Corporation
FROM: Rick Dusanj, CPA, CA
Controller, Richmond Olympic Oval Corporation
Re: Richmond Olympic Oval Corporation _1st Quarter 2015 Financial information
Origin
This staff report deals with the first quarter financial results for the 3 months ended March 31, 2015 ("Q1") which was approved by the Corporation's Board of Directors.
Financial Results
Q1 was a successful quarter for the Corporation. The Q1 results were budgeted at a net amount
before transfers to reserves/provisions of $569,000 and the actual results show $869,000, indicating
a favorable variance of $300,000 (please see page 4 for the Corporation's statement of operations).
In Q1, $269,000 was allocated to the reserves/provisions.
Highlights The following are some of the highlights of the activities undertaken by the Corporation during Q1.
Community Use
Member Care continued to provide member engagement with the Membership Challenge, which is
an incentive program designed to improve retention and use of the Oval facility. The March
Membership Challenge was successful as all 750 spots filled up within days of opening registration,
Such member engagement initiatives are effective in renewing memberships. At the end of Q1
2015, a total of 79% of Oval members were Richmond residents.
Total visitation for Q12015 was 229,266, a 15% increase over the same time last year. Total
visitations are calculated based on the sum of the following figures: the number of paid admissions,
the number of membership scans, the number of visits for those individuals in registered programs,
the number of visits to the Oval's YYoga studios and the number of visits from event rentals and user
Page 1 of 4
FIN - 135
groups. The event rental and user group figures are based on data obtained from the clients and
programmers responsible for the respective rentals,
Sport Development and Events High Performance Training continues to service athletes ranging from the community through to the natronallevel. Training sessions were delivered to the Canadian women's national soccer team,
Table Tennis Canada, Speed Skating Canada, Field Hockey Canada, Sailing Canada, Wheelchair Rugby Canada, Goalball Canada, World Athletics Centre athletes, Wheelchair Rugby BC, Trinity Western
University, Greater Vancouver Canadians, Richmond Sockeyes, Vancouver Fusion Football Club,
Vancouver Angels, Kajaks Track and Field, Winskill Dolphins, Pacific Wave Synchro, and the Richmond Soccer Association.
Oval trained athlete successes in Q12015 included:
II Field Hockey Canada saw both its men's and women's teams advance to World league 3
and potential qualification for the Olympic Games,
.. Winski!! Dolphins Swim Club athlete Markus Thormeyer (age 17) won 5 gold medals at the
Western Canadian Championships and Dalton Boon (age 20) won gold in the 200m
freestyle, qualifying him to represent Canada at the upcoming Pan Am Games in Toronto,
Both athletes do dry land training at the Oval.
• The Vancouver Pacific Wave Synchro Club won gold (team ages 13-15) and silver (Junior
Team) at the recent Provincial Championships, plus they had 6 additional individual and
duet podium finishes.
• Elite Goalie Centre of Excellence athlete Andrew Hammond (known as 'The Hamburglar') of
the NHl Ottawa Senators tied the 1936 record for best start by a goaltender, finishing his
season with a 20-1-2 record and helping Ottawa qualify for the playoffs.
Some of the highlights of sport hosting and events held at the Oval during Q1 included the following: Major league Baseball Toronto Blue Jays Winter Tour, BC Hockey (U16) training camp, Be Sports Rep Association Trade Show, Vancouver Hawks Field Hockey Tournament, Wrestling Provincial Championships, BC Hockey Showcase Tournament, Karate Canada National Championships,
Richmond Rockets Speed Skating Meet, Harry Jerome Indoor (Track) Classic, Football BC Combine,
Fencing World Cup Tournament, lower Mainland High School Basketball Championships, Judo Pacific Judo Tournament, Wheelchair Rugby Vancouver Invitational, Fencing Western Championships, Western Canadian Weight lifting Championships, and the Spring Cling Sport Climbing Championships.
Some of the events secured in Ql included: Jiu Jitsu Challenge (Aug 2015), Field Painting Championships (Aug 2015), Fencing Canada Cup (Sept 2015), and the Tae Kwon Do Championships (Nov 2015).
Page 2 of 4
FIN - 136
Governance
Meetings of the Corporation's Audit & Finance Committee, Business and Budget Planning
Committee and the Board took place during Q1.
Rick Dusanj, CPA, CA
Controller, Richmond Olympic Oval Corporation
cc: Shana Turner
Director, Finance and Corporate Services, Richmond Olympic Oval Corporation
Page 3 of 4
FIN - 137
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g.
20
15
B
UD
GE
T
2,30
0,00
0
3,23
9,70
0
7,32
4,17
1
1,94
6,71
7
14,8
10,5
88
5,35
3,19
0
4,33
7,34
6
989,
947
3,34
3,53
1
14,0
29,0
13
781,
575
700,
OO
G
81,5
75
Pag
e 4
of4
FIN
- 13
8