RICHMOND, Va. (WRIC) — Richmond City Council has officially finalized the 2024 Fiscal Year Richmond Government Budget which will take effect on July 1, 2023 and will last through June 30, 2024.
The latest budget totals to just over $3 billion, which comes from state, local and federal funding, including fees and taxes.
The largest recipient of this year’s budget is the Richmond General Fund, which will receive just below $952 million. This is followed by the Richmond Capital Improvement Plan with a little over $700 million, and then Richmond Public Schools, which will receive $547 million.
The budget for Richmond Schools is a $21 million increase, the largest allocation for education since Mayor Levar Stoney has been in office.
The budget also includes funding for smaller projects, such as affordable housing ($50 million), paving improvements and safety enhancements on roads ($21 million), Parks Maintenance ($8.5 million) and a year-round emergency housing shelter ($2 million).
Stoney took to Instagram to express his thoughts on the finalized budget, particularly his excitement over the investment in education, infrastructure and housing.
“Major, major investments in our schools and in our students,” Stoney said. “Also I’m very proud in our investments for infrastructure. $21 million for complete streets, for paved roads but also for traffic calming measures as well. I’m also proud that we’re making a 50 million dollar investment for housing as well, affordable housing.”
Richmond City Council establishes a Richmond Government Budget in May of each year. This budget is decided after a draft budget is approved by the Mayor and Richmond residents have offered feedback at City Council meetings.
