The City of Richmond is projected to have ended the fiscal year without needing to use the revenue stabilization fund.

The report, prepared by the Department of Budget and Strategic Planning, indicates that the city continues to recover from the economic effects of the pandemic through a steadfast reliance on conservative budgeting practices.

The revenue stabilization fund, also known as the city’s “rainy day fund,” is kept for the purpose of addressing budgetary or other emergencies, like an unforeseen financial downturn or a natural disaster. That the fourth quarter report projects that the city will not have to dip into the fund suggests Richmond’s responsible, conservative budgeting approach serves the city’s fiscal health well.

While the report does project a minor shortfall to close out the fiscal year, this is due to a larger than normal encumbrance amount, or a commitment to pay for goods and services not yet received. 

Quotes from leadership:

“After a tough fiscal year, Richmond is once again projected to come away from this challenge strong and secure,” said Mayor Stoney. “This is what our city can do when we buckle down, do the work and govern with fiscal responsibility at the core of every decision we make.”

“This is a result of sharp, intentional budget management by the entire city administration,” said Acting Chief Administrative Officer Lincoln Saunders. “Interim Director Jason May and his team played a critical role in this successful management of our overall budget, Director of Finance Shelia White and her team ensured we optimized our revenues and every city department tightened their belts to meet the challenging fiscal environment. I want to thank city council, council staff, and the administration leaders for their shared dedication to this city’s fiscal health.”

Interested parties can find the report here. Click here to view the entire repository of reports from the Office of Budget and Strategic Planning.

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Following Council’s recent approval of the resort casino Host Community Agreement, the City of Richmond is launching an engagement effort asking residents how they would like the city to spend the upfront $25.5 million that will be paid to the city by ONE Casino + Resort (RVA Entertainment Holdings, LLC) if Richmond voters approve the casino gaming referendum on November 2. In addition, by no later than January 2023, ONE Casino + Resort will pay the city an additional $1 million upon closing on the financing for the resort casino project.

The engagement period will span from August 13 to September 6 and will include a digital survey, targeted print surveys, and public meetings in both English and Spanish. While all Richmonders are invited to participate, targeted engagement efforts will be focused on the Southside.

The survey asks residents to rank projects based on priority and offers an open-ended opportunity to provide feedback. The survey focuses mostly on capital improvement projects in the 8th and 9th voter districts, which are closest to the proposed resort casino site. Click here to take the survey now. The survey is available in Spanish here.

Residents have the opportunity to attend public meetings virtually or in person:

• Virtual: Wednesday, August 18 – 6pm

Click here to join the virtual meeting

Call-In Information:+1 804-316-9457   United States, Richmond (Toll)

Conference ID: 847 482 67#

• In-person: Wednesday, August 25 – 6pm

Hickory Hill Community Center

3000 Belt Blvd, Richmond, VA 23234

For more information about Resort Casino community engagement opportunities, visit:

www.rva.gov/economic-development/resort-casino

“We thank the court for its review and order to place on the November ballot a referendum on the One Resort & Casino project. This economic development project will bring 1,300 well-paying jobs and millions in much-needed revenue to our city while continuing the revitalization of South Richmond.  And as we said from the beginning, the people will have the final say.”

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RICHMOND, VA – The East Richmond Road Convenience Center (ERRCC), located at 3800 East Richmond Road, will be closed on Tuesday, August 10 from 7 a.m. to 11 a.m. The ERRCC will resume regular operating hours at 11 a.m.

For information on the Department of Public Works, please visit us online at https://www.rva.gov/public-works or email us at askpublicworks@rva.gov

We’re Social! For updates on DPW-related projects, activities and events visit us on Twitter @DPW_RichmondVA

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The City of Richmond Department of Public Works (DPW) is one of only 178 currently accredited public works agencies in the United States. DPW’s portfolio comprises a wide array of services to include leaf collection; street, sidewalk and alley maintenance; trash collection; recycling; grass cutting;  graffiti removal; parking enforcement; urban forestry; street signs; traffic signals and pavement markings and civil engineering. In addition, DPW maintains upkeep on most city buildings; issues permits for working in the city’s right-of-way; manages the RVA Bike Share program and maintains the fleet of city vehicles. DPW’s operating budget comes from the general fund of the City of Richmond.  For more information about DPW services, click here or call 3-1-1.

~ Project will integrate an additional 55 signalized intersections ~

RICHMOND, Va. – The Department of Public Works (DPW) operates and maintains 480 traffic signalized intersections. Since 2009, the Department has been diligently working to expand the signal system infrastructure and associated communications assets to integrate all signalized intersections in the City into a centralized traffic signal system. Currently, the City can communicate with 400 of the signalized intersections using Econolite Centracs© traffic signal central system software, a state-of-the-art communication network.

Construction to integrate 55 signalized intersections operating without communications or with limited bandwidth into the existing Econolite Centracs© software will begin on Monday, August 9.  The project will install modern traffic signal controllers, traffic signal cabinets, communications equipment, and CCTV cameras. Phase III includes north of the James River in the western, northern, and eastern parts of the City.

The Downtown area was completed in Phase I and South of the James River in Phase II. Communications between the traffic signal central system and each traffic signal controller provide enhanced remote monitoring, optimized and efficient signal coordination, transit signal priority along the Pulse Corridor, special events management, and maintenance capabilities, which benefit the City and all roadway users.

Weather permitting, this project is expected to be complete in spring 2023.

Funding for this $7.3 million project was provided through the Congestion Mitigation and Air Quality Program from the Federal Highway Administration and the Virginia Department of Transportation. The project is also in partnership with the Richmond Regional Transportation Planning Organization.

For more information on Public Works, please visit us online at https://www.rva.gov/public-works or email us at AskPublicWorks@rva.gov

We’re Social! For updates on DPW-related projects, activities and events visit us on Twitter @DPW_RichmondVA

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The City of Richmond Department of Public Works (DPW) is one of only 178 currently accredited public works agencies in the United States. DPW’s portfolio comprises a wide array of services to include leaf collection; street, sidewalk and alley maintenance; trash collection; recycling; grass cutting;  graffiti removal; parking enforcement; urban forestry; street signs; traffic signals and pavement markings and civil engineering. In addition, DPW maintains upkeep on most city buildings; issues permits for working in the city’s right-of-way; manages the RVA Bike Share program and maintains the fleet of city vehicles. DPW’s operating budget comes from the general fund of the City of Richmond.  For more information about DPW services, click here or call 3-1-1.