This week, Moody’s revised upward its credit rating outlook for the City of Richmond, from “stable” to “positive,” and reaffirmed the city’s credit rating of “Aa2,” citing strong trajectories in the city’s finances and growing economy. Standard & Poor’s and Fitch also both reaffirmed their “AA+” credit ratings, which are considered highly rated and are just one notch below “AAA,” the highest possible rating attainable. Following the visit last month to New York by Mayor Stoney and city administration leaders, Richmond received reaffirmation of its credit ratings from all three agencies in connection with its upcoming general obligation bond issuance. Richmond has once again been designated as “AAA” for Operating Performance by Fitch Ratings. “I am encouraged that just 15 months after presenting our key accomplishments and progress to these rating agencies, Moody’s has issued this revised, ‘positive’ outlook, reaffirming the city’s improved and solid financial standing and upward t...

The Monument Avenue Commission has completed a yearlong review and public engagement process examining the Confederate statuary of Monument Avenue and submitted its report to Mayor Levar M. Stoney. As promised, the full report submitted to the mayor is available to the public and can be found on the website, monumentavenuecommission.org The 117-page report, prepared by the 10-member Commission appointed in June 2017, is a thorough review of history, recent events, public engagement and research on the Confederate monuments that, as the Commission report states, has “been a source of pride and shame for the City’s residents since the time of their installations.” The report concludes with series of options recommended for consideration by city officials that suggest ways given the current legal climate in Virginia, “to determine how best to reconcile a particular landscape viewed as both sacred and profane.” “Given all we have heard, read and learned, the Commission strongly e...

Mayor Levar M. Stoney today announced collection of delinquent real estate taxes, penalties and interest has dramatically increased during the past year through expansion of the delinquent tax sale program. In this current fiscal year, which ends this week, the Office of the City Attorney successfully sold 134 delinquent properties through auction. Additionally, over $1.4 million was collected from 86 properties redeemed or sold by the owners after being placed into the program. This total of 220 properties represents many times the number sold or redeemed in fiscal year 2015 (40) and fiscal year 2016 (49). In terms of revenue to the city, $5.9 million has been received this fiscal year. This total includes approximately $4.2 million in delinquent taxes, penalties and interest, plus nearly $1.7 million in legal expenses and related fees. This unprecedented increase in revenue collection was accomplished with additional personnel funding allocated to the Office of the City Attorney, eng...

Mayor Levar M. Stoney, Chief Administrative Officer Selena Cuffee-Glenn, city finance officials and representatives of Davenport & Company, the city’s financial advisors, completed successful visits with Moody’s Investors Service, Fitch Ratings and Standard & Poor’s last week in New York. The delegation presented the city’s improved financial position and extensive growth in economic development, with the mayor highlighting accomplishments in a number of key focus areas in advance of a new debt issuance planned for this summer to support capital project spending and economic development initiatives. Some key initiatives that were well received by the rating agency analysts included: Early completion of the FY2017 Comprehensive Annual Financial Report, which allowed the city to save over $13 million in a debt refunding The successful 2017 tax amnesty program Investment of $150 million in new school facilities Poverty reduction efforts such as increased state grant fund...

The City of Richmond has been recognized by the Association of Government Accountants (AGA) for publishing its first-ever Citizen Centric Report demonstrating accountability and transparency to citizens. The AGA awarded the city with a Certificate of Excellence in Citizen-Centric Reporting for its 2017 report to citizens. The AGA encourages governments to publish the report informing citizens of fiscal priorities, performance results and future challenges. The report aims to provide citizens with a better understanding of their government by communicating financial and community information in visually appealing and understandable four-page documents.   To achieve the Certificate of Excellence, a government must incorporate into their report the program’s high standards of content, visual appeal, readability, distribution and timeliness in reporting as outlined in the AGA’s judging guidelines. “I am proud of the work our Department of Finance has done,” said Mayor Stoney. “This awa...

Mayor Stoney joined officials from the City’s Department of Economic and Community Development and the Office of Minority Business Development this morning to celebrate the recipients of the first loan under the City’s new Micro-Enterprise Loan Program. The Mayor cut the ribbon at the grand opening of Biscuits & Waffles at 521 East Main Street. Iron Waffles LLC, doing business as 521 Biscuits & Waffles, is owned by Aaron Bond and his wife, Maria Jose’ Mejia Ruiz. The 521 Biscuits & Waffles   is a gluten-free restaurant that serves breakfast and lunch. “Small businesses are essential to flourishing communities and growing a prosperous city,” said Mayor Stoney. “I’m extremely proud of the work our Office of Minority Business Development is doing to support and encourage entrepreneurial growth and development, and I look forward to seeing how this micro loan program will help launch many other successful new businesses.” “I am very excited about this important ribbon cutti...

Late Friday, June 15,   RVA311   will launch!   RVA311   is a brand new and online, cloud-based interface powered by AvePoint Citizen Services for managing citizen, business and visitor requests. This user-friendly application will have its own website URL (rva311.com) and become available as a mobile application early next month. It will work with any internet-connected device, anytime, anywhere. RVA311   is designed to improve service delivery and enhance citizen engagement for non-emergency requests. The self-service portal will enable citizens, businesspersons and visitors to submit service requests by category, and then by specific service need, and provide for images and files to be uploaded as well.   Mayor Levar M. Stoney called this digital transformation of how the city serves citizens, businesses and visitors “a game changer,” and thanked the four-time Microsoft Partner of the Year Award winner for this technology gifted to the city. “AvePoint’...