Richmond residents will see their taxes hiked, following the city council's endorsement of a 2.98% tax increase to fund its 2013 operating budget.
According to the municipality, that hike breaks down to:
- 1.39% to maintain the same service level as 2012;
- 0.23% of new spending for 2013;
- 0.36% for the impact of Capital plan initiatives on the city's operating budget; and
- 1.00% to contribute to reserves to support future corporate facilities and community infrastructure.
In a statement, Richmond Mayor Malcolm Brodie called the budget "very prudent."
"We've managed to maintain our outstanding level of civic services and make some very minor adjustments to address important emerging needs, while keeping our property taxes among the lowest in the region," he said.
According to the municipality, the only new spending item in the budget is $300,000 in additional funding toward fire vehicle replacement and $100,000 to hire a child-care coordinator who will oversee the opening of five new city-owned child-care facilities that are set to open over the next few years.
According to the municipality, Richmond's property taxes have increased an average of 3.25% between 2008 and 2012. The municipality touts this as the lowest average increase for the time period among the region's five largest municipalities.