title
To amend Ord. No. 2024-099, adopted May 13, 2024, which adopted the Fiscal Year 2024-2025 General Fund Budget and made appropriations pursuant thereto, by (i) increasing anticipated revenues from certain funds due to the City from the Greater Richmond Convention Center Authority, in accordance with an Interlocal Agreement dated Feb. 1, 2000, by $1,900,000.00, (ii) creating a new line item in the Non-Departmental agency called “Rings vs. Rent Scholarship Foundation,” and (iii) appropriating such increased estimated revenues to such new line item and other certain line items in the Non-Departmental agency and the Department of Finance, the Department of Economic Development, and the Department of Neighborhood and Community Services.
body
THE CITY OF RICHMOND HEREBY ORDAINS:
§ 1. That Ordinance No. 2024-099, adopted May 13, 2024, which adopted a General Fund Budget for the fiscal year commencing July 1, 2024, and ending June 30, 2025, and made appropriations pursuant thereto, is hereby amended by:
(a) Increasing anticipated revenues from certain funds due to the City from the Greater Richmond Convention Center Authority, in accordance with an Interlocal Agreement dated February 1, 2000, by $1,900,000.00;
(b) Creating a new line item in the Non-Departmental agency called “Rings vs. Rent Scholarship Foundation;”
(c) Appropriating $250,000.00 of the increased anticipated revenues described in subsection (a) of this section to the new line item in the Non-Departmental agency created by subsection (b) of this section called “Rings vs. Rent Scholarship Foundation” for the purpose of providing a life coach program to enhance critical life skills for youth;
(d) Appropriating $150,000.00 of the increased anticipated estimated revenues described in subsection (a) of this section to the line item Metropolitan Richmond Sports Backers, Incorporated in the Non-Departmental agency for the purpose of providing support to create a Sports Backers’ office and active living hub;
(e) Appropriating $400,000.00 of the increased anticipated revenues described in subsection (a) of this section to the Department of Economic Development for the purpose of supporting expenses related to the City Center project;
(f) Appropriating $200,000.00 of the increased anticipated estimated revenues described in subsection (a) of this section to the Department of Neighborhood and Community Services for the purpose of providing funding for homeless and shelter services; and
(g) Appropriating $900,000.00 of the increased anticipated revenues described in subsection (a) of this section to the Department of Finance to create a reserve for the fiscal year commencing July 1, 2026, and ending June 30, 2027, to ensure financial stability and continuity of critical services and to provide necessary funding to mitigate potential revenue shortfalls resulting from the planned real estate assessment freeze in the fiscal year commencing July 1, 2026, and ending June 30, 2027.
§ 2. That any unexpended amounts of the appropriations for the line item identified in section 1(g) of this ordinance shall not lapse at the close of the fiscal year commencing July 1, 2024, and ending June 30, 2025, and shall not revert to the general fund balance, as that term is defined by section 12-241 of the Code of the City of Richmond (2020), as amended, but shall remain in force until expended, revised, or repealed to the extent permitted by law. Any such unexpended amounts shall be accounted for by the Director of Finance in accordance with generally accepted accounting principles and shall be available for appropriation in subsequent fiscal years.
§ 3. This ordinance shall be in force and effect upon adoption.