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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, to (i) re-appropriate up to $16,000,000.00 of the Fiscal Year 2023-2024 fund balance excess assigned to the 2024 Real Estate Tax Relief Reserve established by Ord. No. 2024-275, adopted November 12, 2024, (ii) create a new line item entitled "Real Estate Tax Relief - Department of Finance" in the Central Appropriations budget, and (iii) appropriate up to such $16,000,000.00 to such new line item in the Central Appropriations budget for the purpose of returning surplus real property tax revenue to real estate taxpayers in the city of Richmond pursuant to Va. Code ? 15.2-2511.1 through a one-time, four-cent rebate.
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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) Re-appropriating up to $16,000,000.00 from that portion of the fund balance
excess for the fiscal year commencing July 1, 2023, and ending June 30, 2024, assigned to the 2024 Real Estate Tax Relief Reserve established by Ordinance No. 2024-275, adopted November 12, 2024;
(b) Creating a new line item in the Central Appropriations budget entitled "Real Estate Tax Relief - Department of Finance;" and
(c) Appropriating funds in the amount of up to $16,000,000.00 re-appropriated by subsection (a) of this section to the new line item in the Central Appropriations budget created by subsection (b) of this section entitled "Real Estate Tax Relief - Department of Finance," for the purpose of returning surplus real property tax revenue to real estate taxpayers in the city of Richmond pursuant to section 15.2-2511.1 of the Code of Virginia (1950), as amended, through a one-time, four-cent rebate.
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