Budget breakdown: What’s new for Richmond in FY 2011?
July 1 marked the beginning of the City of Richmond’s 2011 Fiscal Year. Take a look at what funds went where, how the 2011 budget compares to previous years, and changes pertaining to how the Richmond Real Estate Tax is being paid out over the next couple calendar years.
The Richmond Government Budget for Fiscal Year 2011 began on July 1 and will run through June 30, 2011, according to a Richmond City Council news advisory.
The budget for Richmond City Government has been reduced more than $118 million over the span of three years — rounding out to about $1.37 billion for the upcoming year.
According to Steven R. Skinner, the council public information manager for the Council’s Office of the Chief of Staff, the budget was approved by the Council on Monday, May 24, 2010 after three months of deliberations.
In the news advisory, Skinner stated that, “Council acted to keep the 2010 Richmond Real Estate Tax Rate the same as last year, at $1.20 per $100 in assessed real estate value; and, approved Richmond Real Estate Taxes to be divided into two collections a year instead of all at once.”
Highlights of Richmond Government Budget for FY 2011 include:
- The Richmond City Government Budget for FY 2011 is more than $82 million less than FY 2010, which was more than $36 million less than FY 2009, for a three-year total Richmond City Government Budget reduction of more than $118 million.
- Mayor Dwight C. Jones’s proposed FY 2011 budget was cut by an additional $5.2 million ($4.6 million of which was the result in state revenue reductions to Richmond Public Schools).
- An additional $2.5 million was added to the budget for repairs and maintenance for Richmond public schools.
- A loan program was approved for local small businesses and community development.
- The Richmond Real Estate Tax Rate is the lowest in more than 30 years, down 92 cents since 1980.
- The payments of Richmond Real Estate Taxes are now split, and in 2011, the payments will be divided in two and collected two times a year (January and July) instead of all at once. This move will decrease interest costs needed when borrowing money to pay for services until tax collections are made.
The 2010 Real Estate Tax payment schedule required 100% of the fee to be paid on June 15. The new calendar year payment schedule is as follows:
January 14, 2011: 50% due
June 14, 2011: 50% due
January 14, 2012: 50% due
June 14, 2012:50% due
The budget for FY 2011 is divided into the following categories. Each category is listed with the funds it received from the budget total of $1.37 billion:
- Richmond General Fund (excludes school appropriation): $488,172,920
- Capital Improvement Plan: $146,905,956
- Special Funds: $124,966,837
- Enterprise Funds: $330,564,428
- Internal Service Funds: $37,911,635
- School Board: $241,880,599
- Total City Expenditures: $1,370,402,375
Skinner stated that Richmond citizens were invited and encouraged to attend any and all of the public meetings and budget work sessions.
Copies of the budget are also available for review in the Council Office of the City Clerk, at Richmond City Hall, 900 E. Broad Street, Suite 200, Richmond, Virginia 23219. Or contact 804-646-7955 for more information.
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