Wednesday, February 10, 2010

CANCELED and RESCHEDULED: Today’s Richmond City Council Finance Standing Committee’s Richmond Comprehensive Annual Financial Report Work Session has been canceled and rescheduled due to weather


Richmond City Hall

900 E. Broad Street, Suite 200

Richmond, Virginia  23219

In preparation of Council’s upcoming review, amending and adoption of the Fiscal Year 2011 Richmond City Government Budget

WHAT        Today’s Richmond City Council Finance Standing Committee work session regarding the Richmond Comprehensive Annual Financial Report (CAFR); in preparation of Council’s upcoming review, amending and adoption of the Fiscal Year 2011 Richmond City Government Budget, which is the second year of the Fiscal Year 2010-2011 Biannual Budget (Fiscal Plan) has been canceled due to weather and rescheduled for Thursday, February 18, 2010, from 3:00-4:00 p.m.  The meeting will now be held in Richmond City Council Chambers.

        The Richmond Comprehensive Annual Financial Report is a detailed financial compilation of Richmond City Government funds from the previous fiscal year. It is published by the Richmond City Government Administration in the fall of each year to provide Richmond citizens a record of our financial investments in our citizen-run government.

        The report (available from the Richmond City Government website, at is intended to provide a complete and accurate financial picture of all Richmond Government departments, offices and enterprises; including financial holdings, revenue, assets and investments. The report follows national standards for local government accounting and is more detailed than standard statements typically provided by public sector companies.

        The Richmond City Council Finance Standing Committee Richmond Comprehensive Annual Financial Report Work Session is the result of collaborative preparation efforts between the Richmond City Council Office of the Chief of Staff and the Richmond Department of Finance. The agenda for the work session will include:

•    Using the Richmond Comprehensive Annual Financial Report: A Legislator’s Perspective
•    Areas of Concern for Council
•    Policies, Procedures and Strategic Planning

        Richmond City Council will soon set its Richmond Government Budget Public Meeting Schedule, which will include dates for Council’s public review, analyzing and adopting of the Richmond Government Budget (Fiscal Plan) for Fiscal Year 2011 and the Richmond Real Estate Tax Rate for 2010. All Richmond citizens are invited and encouraged to attend any and all of Council’s public meetings. During the process, Council will consider the Mayor's request for proposed amendments to the Fiscal Year 2011 Richmond Government Budget, which are to be submitted to Council in March.
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WHEN            New Date/Time: Thursday, February 18, 2010 3:00-4:00 p.m.
            CANCELED Wednesday, February 10, 2010; 1:00-2:30 p.m.

WHERE     New Location: Richmond City Council Chambers, Second Floor, Richmond City Hall, 900 E. Broad Street
    Richmond City Hall, Second Floor Conference Room, 900 E. Broad Street

CONTACT     For more information please contact Ralph Harris, at 804.646.5646 or

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 society to operate; what public services we want to invest in; the priority (investment levels) for these services; and, how we pay for them.

    In Richmond, these 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, education of our children.

    As our local citizen governing body, Richmond City Council represents our community in determining what 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 the services.

    The City operates on a two-year fiscal plan (Budget) that includes five funds and additional state/federal/other funds provided to Richmond Public Schools. The Budget is typically amended every year.

    Council’s annual budget review spans three months (March-May) and includes more than 24 public meetings. At the conclusion of the deliberations, Council votes on the official adoption of a Richmond City Government Budget for the upcoming Fiscal Year (FY), which runs from July 1 to June 30 annually. Annual Richmond Real Estate Tax Rates are set by Council by April 15 each year.

    The Current Richmond City Government Budget for FY 2010 is $1,452,474,812 and was adopted by Council on May 26, 2009. It is effective July 1, 2009-June 30, 2010. The official Budget takes the form of laws, which are passed by Council as Ordinances.

The mission of Richmond City Council is to represent citizens in creating and amending local laws, providing government policy and oversight and approving the city budget.

Richmond City Council is committed to creating a vibrant community that is a great place to live, work, learn, play, visit, and raise a family.