The Richmond Government Budget for FY 2011, that was approved by Richmond City Council on Monday, May 24, 2010, begins today, July 1, 2010, and runs through June 30, 2011. Council's budget deliberations spanned three months, from mid-March until final adoption and took place during two dozen Council meetings and special work sessions. During the process, Council acted to keep the 2010 Richmond Real Estate Tax Rate the same as last year, at $1.20 per $100 in assessed real estate value; and, approved Richmond Real Estate Taxes to be divided into two collections a year instead of all at once.
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
Thursday, 1 July 2010
Richmond Government Budget for FY 2011 begins today
Richmond City Government Budget reduced more than $118 Million over three years; Council kept the Richmond Real Estate Tax Rate the lowest in more than 30 years, down $.92 since 1980.
(Richmond, Virginia) – The Richmond Government Budget for FY 2011, that was approved by Richmond City Council on Monday, May 24, 2010, begins today, July 1, 2010, and runs through June 30, 2011. Council's budget deliberations spanned three months, from mid-March until final adoption and took place during two dozen Council meetings and special work sessions. During the process, Council acted to keep the 2010 Richmond Real Estate Tax Rate the same as last year, at $1.20 per $100 in assessed real estate value; and, approved Richmond Real Estate Taxes to be divided into two collections a year instead of all at once.
Highlights of Richmond Government Budget for FY 2011 include:
• Council's approved Richmond City Government Budget for FY 2011 is more than $82 million less than FY2010, which was more than $36 million less than FY2009, for a three year total Richmond City Government Budget reduction of more than $118 Million.
• Council cut Mayor's proposed FY 2011 budget by an additional $5.2 million ($4.6 million of which was the result in state revenue reductions to Richmond Public Schools).
• Council kept the Richmond Real Estate Tax Rate the lowest in more than 30 years, down $.92 since 1980.
• Council approved splitting up the payments of Richmond Real Estate Taxes and, beginning in 2011, they will be divided in two and collected two times a year (January and July) instead of all at once. This move will decrease interest costs needed when borrowing money to pay for services until tax collections are made.
• Council added additional $2.5 Million for repairs and maintenance for Richmond Public Schools.
• Council approved a loan program for local small businesses/community development.
• Richmond City Government Fiscal Year Budgets (recent)
Fiscal Year Amount
FY 2011 $1,370,402,375
FY 2010 $1,452,474,815
FY 2009 $1,488,752,425
• Richmond Real Estate Tax Rates (historic)
Per $100 in Assessed property value
2010-2008 $1.20
2007 $1.23
2006 $1.29
2005 $1.33
2004-2003 $1.37955
2002 $1.38975
2001 $1.41
200-1997 $1.43
1996-1994 $1.445
1993-1992 $1.45
1991-1990 $1.46
1989-1987 $1.53
1986-1985 $1.47
1984 $1.50
1983-1982 $1.533
1981 $1.58
1980 $2.12
• New Richmond Real Estate Tax Payment Schedule
Beginning Calendar Year 2011, our Richmond Real Estate Taxes will be divided into two collections a year instead of all at once. Market valuation data will lag one year. Please find the new payment schedule below:
Current Calendar Year Payment Schedule
Year Month Amount Due
2010 June 15 100%
NEW Calendar Year Payment Schedule
Year Month Amount Due
2011 January 14 50% due
June 14 50% due
2012 January 14 50% due
June 14 50% due
Richmond Government Budget for FY 2011includes:
• Richmond General Fund
• Richmond Capital Improvement Plan,
• Special Funds
• Enterprise Funds
• Internal Service Funds
• Federal/State/Other Funds for Richmond Public Schools.
The breakdown summery is as follows:
Richmond Total Budget Council Adopted
Richmond General Fund (Excludes School Appropriation) $488,172,920
Capital Improvement Plan $146,905,956
Special Funds $124,966,837
Enterprise Funds $330,564,428
Internal Service Funds $37,911,635
School Board $241,880,599
Total City Expenditures $1,370,402,375
CONTACT For more information, please call Daisy E. Weaver, Council Chief of Staff
at 804.646.5921 or daisy.weaver@richmondgov.com
BACKGROUND _______________________________________________________________________
As Richmond Citizens, we pool our resources to own and operate our government and decide what public services we want to invest in; the priority (investment levels) for these services; and, how we pay for them. Examples of our services include the management, oversight and delivery of such things as clean/safe water; streets/parks; firefighting/ rescue; trash/sewage removal; laws, police/courts; public transportation; and, our children’s education. Together, we own, operate, use and benefit from these services every day.
Thus, every year a proposed Richmond Government Budget (Fiscal Plan) is submitted to Richmond City Council by the Mayor, who is responsible for administering local government services. Council then reviews, analyzes and amends this budget based on the priorities of citizens.
Council's budget deliberations typically span three months, from mid-March until final adoption toward the end of May and take place during an estimated two dozen Council meetings and special work sessions that are all open to the public. During the process, Council adopts a Richmond Real Estate Tax Rate and, at the conclusion of the deliberations, votes on a Richmond City Government Budget for the upcoming Fiscal Year (FY).
The Richmond City Government Budget runs from July 1 to June 30 annually and the City operates on a two-year fiscal plan (Budget) that includes City General Fund, Capital Improvement Plan, Special Funds, Enterprise Funds, Internal Service Funds, the City’s contribution to Richmond Public Schools and additional state, federal, and other funds provided to Richmond Public Schools. The Budget is typically amended every year.
Richmond citizens were invited and encouraged to attend any and all of the public meetings and budget work sessions.
The final budget takes the form of laws, which will are available from the Richmond City Council website, at www.council.richmondva.gov. Copies will also be available for review in the Richmond City Council Office of the City Clerk, at Richmond City Hall, 900 E. Broad Street, Suite 200, Richmond, Virginia 23219 (804.646.7955 tel).
- E N D -
______________________________________
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.
