Capital Sustainability Steering Committee Tuesday March 19, 2024 at 1:30pm
On the Agenda:
2025 – 2033 Capital Forecast
To provide an overview of the capital forecast funding requirements identified in the 2025 – 2033 Capital Forecast. The information will guide discussions with the Committee regarding investment priorities in the future.
The City of Richmond Hill’s Capital Program provides for new infrastructure that is reflective of a growing population, while balancing the state of good repair of existing assets. The 2025 – 2033 Capital Forecast is $1.678 billion dollars.
If all projects were approved the City will be unable to fund all the projects over the nine-year period as it will result in a deficit funding balance of $361.9 million at the end of the forecast period.
In light of the funding constraints, now more than ever, the City needs to be certain that proposed capital expenditures address a firmly established need in a fiscally responsible manner.
As part of the Financial Sustainability Strategy, the Capital Forecast will need to be refined to bridge the funding gap through a combination of revisiting the assumptions, timing and scoping of projects, or increasing funding through tax, water or stormwater rates or other alternative funding sources to put the Plans into reality.
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Public Comments: The public may submit written correspondence regarding agenda items by email to clerks@richmondhill.ca. Written correspondence must be submitted by 12 p.m. (noon) one business day before the meeting. Comments submitted will be provided to all Members of Council, are considered as public information and will be included on the public agenda posted to the City’s website.
Delegations: Any person who wishes to speak to Council on agenda items must pre-register with the Office of the Clerk by 12 p.m. (noon) one business day before the meeting. Applications to appear as a delegation can be submitted by email to clerks@richmondhill.ca or by using the on-line application form found on Richmondhill.ca. Delegations can be in person, or electronically by video conference or telephone. The Office of the Clerk will provide instructions on appearing as a delegation.