The Richmond City Council Finance Standing Committee will hold a work session regarding the Richmond Comprehensive Annual Financial Report (RCAFR); 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).
RICHMOND CITY COUNCIL
Richmond City Council – Richmond City Hall - 900 E. Broad Street, Suite 200 - Richmond, Virginia 23219 www.council.richmondva.gov
COUNCIL PUBLIC INFORMATION NEWS ADVISORY
For Immediate Release
Friday, 5 February 2010
Richmond City Council Finance Standing Committee to hold Richmond Comprehensive Annual Financial Report Work Session
In preparation of Council’s upcoming review, amending and adoption of the Fiscal Year 2011 Richmond City Government Budget
WHAT The Richmond City Council Finance Standing Committee will hold a work session regarding the Richmond Comprehensive Annual Financial Report (RCAFR); 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).
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 www.richmondgov.com/finance/documents/2009cafr.pdf) 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.
- M O R E -
WHEN Wednesday, February 10, 2010; 1:00-2:30 p.m.
WHERE Richmond City Hall, Second Floor Conference Room, 900 E. Broad Street
CONTACT For more information please contact Ralph Harris, at 804.646.5646 or ralph.harris@richmondgov.com.
BACKGROUND
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.
MISSION
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.
VISION
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.
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______________________________________
Steven R. Skinner, APR
Council Public Information Manager
Office of the Chief of Staff
RICHMOND CITY COUNCIL
Richmond City Hall
900 E. Broad Street, Suite 305
Richmond, Virginia 23219
804.646.6052 (office)
804.335.4054 (mobile)
804.937.1386 (home/mobile)
804.646.5468 (fax)
skinnesr@ci.richmond.va.us (email)
www.council.richmondva.gov(website)
______________________________________
MISSION 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.
VISION 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.
