Richmond VA > City Council > Budget

Last Updated: 2012-07-16

We, as Americans, pool our resources in order to own and operate a citizen-run government. In this process, we make decisions as to how we want our community to operate; what public services we invest in; the priority (investment levels) of services; and, how we pay for them. In Richmond, our services include the management, oversight and delivery of such things as clean and safe drinking water, streets/neighborhoods; parks; public transportation; trash/sewage removal; firefighting/rescue; police/courts; and, the education of our children.

Our local citizen governing body, Richmond City Council, represents our community in determining the laws and government services we want. Thus, every year the Mayor submits a proposed budget to Council, which reviews, analyzes and amends it based on priorities. Council also sets local fee/tax rates to fund our services.

Council’s budget review spans three months (March-May) and includes more than 24 public meetings. At the conclusion of the deliberations, Council votes to officially approve an Official Richmond City Government Budget for the upcoming Fiscal Year (FY), which runs from July 1 to June 30 annually. Our City operates on a two-year fiscal plan (Budget) that includes five funds and additional state/federal/other monies provided to Richmond Public Schools. Our Budget is typically amended every year.

Our Official Budget takes the form of laws, which are approved by Council as Ordinances. These are available for review in the Richmond City Council Office of the City Clerk, located on the 2nd floor of Richmond City Hall, 900 E. Broad St., 804.646.7955 (tel).

Richmond Real Estate Assessments and Richmond Real Estate Tax Rates

We as citizens have determined that a fair way to help pay for our local citizen government is for Richmond real estate owners to annually contribute funds based on a percentage of the value of the real estate they own in the city. Therefore, each year the fair market value of real estate in the city is assessed and an annual Richmond Real Estate Tax Rate is set. The rate is the percentage, based on $100 of value, that each real estate owner will contribute to help pay for government services in the city.

The current Richmond Real Estate Tax Rate is $1.20 per $100 of assessed real estate property value. Our real estate tax is the largest single funding source we use to pay for our public services. There are approximately 73,000 real estate properties in Richmond and, to help ensure fairness, Richmond perform annual real estate assessments to determine fair market value. Real estate owners contribute their share annually, based on the value of their real estate and the tax rate by June 15. For example, if a person owns $100,000 in real estate and the tax rate is $1.20 per $100 of assessed real estate property value; their share is $1,200 for that year. Historic Richmond Real Estate Tax Rates are listed in the 2011 Richmond City Government Budget Fiscal Year 2011 Citizen Budget Summary Booklet

Richmond City Government Budget

Fiscal Year 2013

Richmond City Council Official Fiscal Year 2013 Richmond Government Budget Summary Booklet

Some Highlights include the following:

  • Richmond City Council kept Richmond Real Estate Tax Rate lowest in 30 years.
  • Richmond City Council cut Richmond Government Department spending by $3.7 million.

Fiscal Year 2012

Richmond City Council Official Fiscal Year 2012 Richmond Government Budget Summary Booklet

Fiscal Year 2011

Our Richmond City Government Budget for FY 2011, summarized in the 2011 Richmond City Government Budget Fiscal Year 2011 Citizen Budget Summary Booklet, is $1,370,402,375. It was approved and adopted by Council on May 24, 2010. It is effective July 1, 2010-June 30, 2011.

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Some Highlights include the following:

  • Council's approved Richmond City Government Budget for FY 2011 is more than $82 million less than FY2010, which was more than $36 million less than FY2009, for a three year total Richmond City Government Budget reduction of more than $118 Million.
  • Council cut Mayor's proposed FY 2011 budget by an additional $5.2 million ($4.6 million of which was the result in state revenue reductions to Richmond Public Schools).
  • Council kept the Richmond Real Estate Tax Rate the lowest in more than 30 years, down $.92 since 1980.
  • Council approved splitting up the payments of Richmond Real Estate Taxes and, beginning in 2011, they will be divided in two and collected two times a year (January and July) instead of all at once. This move will decrease interest costs needed when borrowing money to pay for services until tax collections are made.
  • Council added additional $2.5 Million for repairs and maintenance for Richmond Public Schools.
  • Council approved a loan program for local small businesses/community development.

2011 Richmond City Government Budget Fiscal Year 2011 Citizen Budget Summary Booklet

2011 Richmond City Council Official Budget and Richmond Real Estate Tax Rate Meetings - News Council Budget Review 3.10.10

Richmond City Government Budget

Fiscal Year 2010

Our Richmond City Government Budget for FY 2010, summarized in the Richmond City Government Budget Fiscal Year 2010 Citizen Budget Summary Booklet, was $1,452,474,815. It was approved and adopted by Council on May 24, 2010. It is effective July 1, 2010-June 30, 2011.

2010 Richmond City Government Budget Fiscal Year 2010 Citizen Budget Summary Booklet

2010 Richmond City Council Official Budget and Richmond Real Estate Tax Rate Meetings

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