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To make assignments of the calculated general fund surplus for Fiscal Year 2024-2025.
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WHEREAS, Chapter 12, Article V of the Code of the City of Richmond (2020), as amended, provides for the Mayor to report on the general fund balance and the Council, by resolution, to assign up to ten percent of the calculated general fund surplus to special purpose reserves, with the terms “general fund balance,” and “special purpose reserve” having the meanings ascribed to those terms by section 12-241(a) of the Code of the City of Richmond (2020), as amended; and
WHEREAS, the Mayor has reported that, for the fiscal year commencing July 1, 2024, and ending June 30, 2025, the unaudited general fund balance is $22 million;
WHEREAS the Council of the City of Richmond now desires to make assignments of ten percent of the unaudited general fund surplus for the fiscal year commencing July 1, 2024, and ending June 30, 2025, to special purpose reserves pursuant to section 12-265 of the Code of the City of Richmond (2020), as amended,
NOW, THEREFORE,
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF RICHMOND:
That, pursuant to section 12-265 of the Code of the City of Richmond (2020), as amended, the Council hereby assigns:
1. Up to $1,417,850 of the special purpose reserve to the Richmond Retirement System (“RRS”) Total Retirement Fund for the purpose of funding bonuses for retired members of RRS.
2. Up to $162,150 of the remaining portion of the special purpose reserve for low-barrier support for children and families during inclement weather season;
3. Up to $100,000 of the remaining portion of the special purpose reserve to Presbyterian Homes & Family Services, Inc. for the purpose of increasing funding to the Family Crisis Fund;
4. Up to $70,000 of the remaining portion of the special purpose reserve to fund Music and Media Lab improvements at Southside Community Center;
5. Up to $50,000 of the remaining portion of the special purpose reserve to fund a study of the intersections of Kensington Avenue and Patterson Avenue, Kensington Avenue and Thompson Street, Patterson Avenue and Thompson Street, and the surrounding approaches to such intersections to determine the feasibility of improving the intersections for all road users utilizing Vision Zero techniques;
6. Up to $400,000 of the remaining portion of the special purpose reserve to support the Affordable Housing Trust Fund; and
7. Any remaining portion of the special purpose reserve to the RRS Total Retirement Fund for the purpose of funding bonuses for retired members of RRS.
DATE: December 3, 2025
TO: The Honorable Members of City Council
THROUGH: RJ Warren, Council Chief of Staff
THROUGH: Will Perkins, Senior Legislative Services Manager
FROM: The Honorable Cynthia Newbille
RE: To make assignments of the calculated general fund surplus for Fiscal Year 2024-2025.
CNL-2025-0065
PURPOSE: To make assignments of the calculated general fund surplus for Fiscal Year 2024-2025.
BACKGROUND: Section 12-265 of Richmond City Code (2015) allows the City Council to, by resolution, make an assignment of all or any part of the portion of the calculated general fund surplus for the preceding fiscal year allocated for special purpose reserves (10%) pursuant to Section 12-242. The CAO has reported that, for the fiscal year commencing July 1, 2024, and ending June 30, 2025, the unaudited calculated general fund balance is $22 million (see attachment: “CAO Donald Memo re Unaudited Estimate of General Fund Balance (period ending June 30, 2025)”. The Council, therefore, desires to make assignments of ten percent ($2.2 million) of the unaudited calculated general fund surplus as follows:
1. Up to $1,417,850 of the special purpose reserve provided for in sections 12-242 and 12-265 of the Code of the City of Richmond for the fiscal year commencing July 1, 2024, and ending June 30, 2025 (the “special purpose reserve”), to the Richmond Retirement System (“RRS”) Total Retirement Fund for the purpose of funding bonuses for retired members of RRS.
2. Up to $162,150 of the remaining portion of the special purpose reserve for low-barrier support for children and families during inclement weather season.
3. Up to $100,000 of the remaining portion of the special purpose reserve to Presbyterian Homes & Family Services, Inc. for the purposes of increasing funding to the Family Crisis Fund.
4. Up to $70,000 of the remaining portion of the special purpose reserve to fund Music and Media Lab improvements at the Southside Community Center.
5. Up to $50,000 of the remaining portion of the special purpose reserve to fund a study of the intersections of Kensington Avenue and Patterson Avenue, Kensington Avenue and Thompson Street, Patterson Avenue and Thompson Street, and the surrounding approaches to such intersections to determine the feasibility of improving the intersections for all road users utilizing Vision Zero techniques;
6. Up to $403,000 of the remaining portion of the special purpose reserve to support the Affordable Housing Trust Fund.
7. Any remaining portion of the special purpose reserve to the RRS Total Retirement Fund for the purpose of funding bonuses for retired members of RRS.
COMMUNITY ENGAGEMENT: Councilmembers based assignments on their experience and constituent requests.
STRATEGIC INITIATIVES AND OTHER GOVERNMENTAL: A thriving City Hall; Thriving Neighborhoods; Thriving Families; Thriving Economy
FISCAL IMPACT: Per Section 12-265, Assignments for a special purpose reserve must be only for one-time, non-recurring purposes and may not be for an installment or phase of a multi-installment or multi-phase project. No such assignments may be made other than in accordance with this section. The City Council may, by resolution adopted no later than December 15, make an assignment of all or any part of the portion of the calculated general fund surplus for the preceding fiscal year allocated for special purpose reserves pursuant to Section 12-242.
DESIRED EFFECTIVE DATE: Upon adoption
REQUESTED INTRODUCTION DATE: December 8, 2025
CITY COUNCIL PUBLIC HEARING DATE: December 8, 2025 [expedited consideration]
REQUESTED AGENDA: Expedited adoption
RECOMMENDED COUNCIL COMMITTEE: N/A [Expedited Consideration]
AFFECTED AGENCIES: Office of Chief Administrative Officer, Department of Budget and Strategic Planning.
RELATIONSHIP TO EXISTING ORD. OR RES.: N/A
ATTACHMENTS: Draft Ordinance; “CAO Donald Memo re Unaudited Estimate of General Fund Balance (period ending June 30, 2025)”
STAFF: Will Perkins, Senior Legislative Services Manager (804)-646-5975