Mayor Stoney announces projected $15 million surplus to close FY 2019
Mayor to submit an ordinance to council proposing $6.2 million for Cost of Living Increase for Richmond retirees, the first in a decade Mayor also proposes $1 million in investments for community centers and two ADA accessibility projects to improve access to the James River and riverfront parks Thanks to increased tax revenues above projections, improvements in tax collection, and savings from efficiencies in departmental operations, the City of Richmond is projected to end Fiscal Year 2019 with an estimated $15 million surplus. Mayor Levar M. Stoney today announced he will propose an ordinance at the September 9th meeting of the Richmond City Council to dedicate $6.2 million of the surplus to fund a 1% increase in the Cost of Living Adjustment paid to city retirees – the first such increase paid to former city employees in more than a decade. The proposal makes good on the mayor’s commitment to use budgeted surplus funds to provide a retirement boost to city retiree...