Successful Efforts to Increase Car Tax Compliance Boost City’s FY2026 Revenue
The Commissioner of the Revenue has employed a variety of strategies from postcard mailings to license plate recognition to achieve gains in collections.
Budget and Finance
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City Finance Director Boosts Tax Revenue Projections $700K; Council Approves Half-Cent Tax Rate Cut
A boost to tax revenue projections allowed City Council to cut the real estate tax rate half cent. The School Board gets $354,000 more but not the City’s paving and other infrastructure needs.
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FY2027 Proposed Budget Expenditures Maintain Operations at Current Levels
FY2027 expenditures increases the operating budgets of the City Schools and General Government to cover staff salary increases and removes vacant positions. Cuts to street maintenance and affordable housing fund.
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Revenues From a 6.9% Assessment Increase Fund the FY2027 Budget
The $134 million FY2027 budget is 0.8% less than last year’s but it contains a 3.4% increase for the City and 4.1% for the School operating budgets that require a 6.6% increase in tax revenues to fund it.
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$162M FY2027-2032 CIP Invests in Sewer and Stormwater Capacity Expansion, Delays Property Yard Replacement
3 large transportation projects and expanding sewer capacity are the main reasons for the massive FY2027-2032 CIP. The City is also laying the groundwork for upgrades to the storm water system.
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City Staff, Council Explore Applying a Commercial and Industrial (C&I) Real Estate Tax
The C&I tax, up to 12.5 cents/$100 of assessed value, would apply only to non-residential commercial properties and be used for expanding transportation infrastructure.
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Social Safety Net, Metro Funding Top 2026 Legislative Program
City Council establishes the City’s legislative priorities and positions for the upcoming General Assembly in Richmond.
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FY2027 Guidance: Budget Increase to be Financed by Higher Taxes from Single-Family Homeowners
In the City’s FY2027 guidance, the budget increase relies on a 6% projected increase in single-family home assessments and higher car taxes, while other properties and revenues remain flat. FCCPS staff are to receive a 5% salary hike.
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City’s FY2025 Budget Year-End Report Reveals Slowing Economic Activity
The FY2025 year-end results showed a $2.3 million surplus. Sales tax and meals tax receipts were much lower than expected. Staff recommended using the surplus to shore up reserves and for small projects.
