Richmond, VA — The City of Richmond is pleased to make available its Annual Comprehensive Financial Report (ACFR)  for the Fiscal Year which ended on June 30, 2025. The 195-page report details the City’s financial activities throughout the fiscal year and includes an overview and analysis of financial statements and disclosures so that residents may better understand their government’s financial footing as we execute on the FY2026 budget and enter the FY2027 budget  season.  

“Protecting fiscal integrity ensures the City is poised for future growth and is able to meet its service demands” write Mayor Danny Avula and Chief Administrative Officer Odie Donald II in the report’s introduction. “Moving forward to FY 2026, the Administration will continue to expand on FY 2025 accomplishments, streamline processes, enhance customer service, and ensure continued financial stability and resiliency.” 

The report, which was assembled by the City’s Department of Finance and verified via an unaudited opinion by external auditor CliftonLarsonAllen, conforms with U.S. generally accepted accounting principles (GAAP) established by the Government Accounting Standards Board (GASB). Key takeaways include:

• The City ended FY2025 in a stable and positive financial position 
• General Fund revenues slightly exceeded expenditures 
• Bond ratings were reaffirmed or improved by all major rating agencies 
• The surplus totals $12.6 million, allocated as follows: 
  • Revenue Stabilization: $4,436,154   
  • Unassigned: $1,901,209   
  • Capital Reserve: $5,069,890   
  • Special Purpose: $1,267,473  

“You can tell a lot about a government by how it handles taxpayer dollars, and this year’s ACFR says a lot about Richmond,” said CAO Donald. “It says that we are in a strong financial position, that we have budgeted appropriately to meet our obligations, and that we are capable of making the investments necessary to move Richmond ever forward. I encourage every Richmonder to browse the document and gain a fuller understanding of the depth and breadth of your government operations.”   

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