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Showing posts from June 19, 2011

Mayor Successfully Negotiates $60.3 Million Repayment to City

~RMA could return funds to the city before year end~
Mayor Dwight C. Jones today announced the impending repayment of monies to the city in the amount of $60.3 million from the Richmond Metropolitan Authority (RMA). The RMA is an independent authority and political subdivision that was created in 1966. It was formed originally to build and maintain a toll expressway system to serve the Richmond metropolitan area. Its members include Richmond as well as Chesterfield and Henrico counties. In its formative years, the city of Richmond was the only member of the partnership to contribute land and provide financial support to RMA.“There are many things this administration has been working to set right for the city of Richmond. Where our financial picture is concerned, the city’s financial operation has been structurally unbalanced in many ways and we've been working to correct things like moving to twice a year tax collections and eliminating the need for revenue anticipation notes …