Mayor Increases Schools Maintenance Funding, Proposes Parking Enterprise Fund, Rejects Stormwater Increase
Click here to view t he FY15 P roposed Budget on line. Mayor Dwight C. Jones today presented his administration’s FY2015 Budget Amendments and the 5-year Capital Improvement Plan (CIP) for FY 2015 – 2019. The budget was crafted based on current revenue projections, which include revenues from the real estate tax rate, which is proposed to remain the same at $1.20 per $100 of valuation. The total proposed spending plans for the General Fund are $777,340,828 for FY2015 and $237,240,841 for the Capital Improvement Plan. “This is a solid and fiscally conservative budget,” said Mayor Jones. “Consistent with our debt policies, the City’s Rainy Day/Unassigned Fund Balance has grown to 10% of our general fund and Richmond Public Schools state-supported expenditures.” The Mayor also spoke about the city’s intention to absorb increased health insurance costs for City employees who are facing an 8.4% rate increase this year. “This will be the second year in a row the City will absorb all premi...