Richmond City Council / News Release
Informing | Engaging | Posting | Sharing
12 May 2025
FY 2026 Richmond Government Budget established
(Richmond, Virginia U.S.A. 5.12.2025) – Richmond City Council tonight established the FY 2026 Richmond Government Budget. Spanning March through May, the FY 2026 Richmond Government Budget review/establishment process involved 10 meetings that included the Mayor submitting a proposed budget, which Council reviewed and amended.
The process concluded with Council approving the budget during its scheduled formal meeting on Monday, May 12, 2025. The Fiscal Year 2026 Richmond Government Budget runs July 1, 2025 through June 30, 2026.
“This budget reflects our community’s shared vision for building a stronger, more equitable Richmond. With investments in Richmond Public Schools, housing affordability, and government efficiency, we continue to build on our city’s belief that every resident can thrive,” say Council President Cynthia Newbille and Richmond Mayor Danny Avula. “We are proud of all the work, input, conversations, and decisioning surrounding the priorities that matter most to Richmond residents.”
Some key budget items include:
·
Balanced, Efficient, and Transparent
Budget
Establishing a balanced, efficient, and transparent Fiscal Year 2026 Richmond Government Budget of $3,028,928,656, which includes a Richmond General Fund of $1,056,511,879 and a Richmond Capital Improvement Plan of $549,592,657.
· Water
Treatment Plant
Investing more than $60 million in planned capital improvement plan investments to fund water treatment plant improvement projects, including $38 million proposed for next year, a significant acceleration in funding.
· Richmond
Public Schools
Increasing Richmond’s local contribution to Richmond Public Schools by an additional $9.6 million, for a total local funding amount of $285,077,421 which, in addition to $239,298,991 provided by state, federal, and other funds, makes the total FY 2026 funding for Richmond Public Schools: $524,376,412
· Richmond
Complete Streets - Infrastructure
Building stronger Richmond Infrastructure by investing $21 million in paving improvements and safety enhancement projects, which include pedestrian crossings, sidewalks, traffic calming/control, speed tables, bike lanes, Americans with Disabilities Act (ADA), etc.
· Affordable
Housing
Investing $50 million over the next five years in
affordable housing.
-
23 Affordable
Housing Performance Grants that will support the creation of 3,316
affordable housing units
- investing $1,700,000 for Eviction Diversion, which provides critical support to families facing housing instability and helps keep residents in their homes during financial hardships
· Parks,
recreation, and thriving sustainable environments
Investing
-
$6.5 million in new Parks Maintenance
- $11 million for
the Fall Line Trail
- $10.1 million
multi-use cultural heritage campus in Shockoe Bottom
- $6 million supporting
investments in Brown's Island
- $2.4 million for a
connection to the James River in Manchester
- $150,000 for the Neighborhood Climate Resilience Grant Program
· Dedicated City
Staff
Investing $18.6 million in employees by providing a 3.25 percent salary increase for eligible general employees and an average of 10.3 percent for sworn police officers and firefighters.
“The annual budget is a product of hard work, shared priorities, dedication, and commitment to responsible governance,” say Mayor Danny Avula and Council President Cynthia Newbille. “We thank all Richmond City Administration personnel and Richmond City Council Staff for their experience, expertise, diligence, and shepherding throughout the year-long budget process.”
CONTACT For more information, please contact:
Mira Signer, Press Secretary for Mayor Danny Avula, at 804.960.3448 (tel/mobile); or mira.signer@rva.gov (email)
Steve
Skinner, Council Public Information Manager, at 804.646.6052 (tel); or steven.skinner@richmondgov.com (email)
- E N D –
Richmond
City Council - Richmond City Hall - 900 East Broad Street, Suite 300 -
Richmond, Virginia 23219 U.S.A. - rva.gov/richmond-city-council (web)