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To amend ch. 12, art. I, of the City Code by adding therein a new section 12-26, concerning the creation and publication of a general fund expenditure growth policy for the City of Richmond.
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THE CITY OF RICHMOND HEREBY ORDAINS:
§ 1. That Chapter 12, Article I, of the Code of the City of Richmond (2026) be and is hereby amended by adding therein a new section numbered 12-26 as follows:
Sec. 12-26. Expenditure growth policy.
(a) Beginning with the fiscal year commencing July 1, 2027, and ending June 30, 2028, by no later than March 11 of each year, or such other date on which the proposed budget for the ensuing fiscal year is submitted to Council in accordance with section 12-11, the Mayor shall introduce a resolution proposing a policy statement detailing a target percentage range for the annual growth in discretionary general fund expenditures (hereinafter, “the expenditure growth policy”), to be developed with the Director of Finance, or their designee, and the Director of Budget and Strategic Planning, or their designee. The policy statement shall include reference to benchmarks of the relative cost of local government for city of Richmond residents, including targets for the growth in year-over-year per-capita or per-household general fund expenditures compared to growth in personal income and to recorded inflation as measured by the United States Average Consumer Price Index for All Urban Consumers. For the purposes of this policy, allocations to reserve funds such as the downturn reserve and the capital maintenance reserve shall not be considered general fund expenditures.
(b) The expenditure growth policy shall solely constitute a goal or policy statement and shall not be interpreted as a restriction on the budgeting and appropriations powers of the Mayor and Council.
(c) Upon adoption of the expenditure growth policy, the Director of Budget and Strategic Planning shall cause to be published on the City’s website the expenditure growth policy, a...
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