The City of Richmond has reported new achievements in its efforts to strengthen fiscal management and accountability. These developments include the official completion of its Fiscal Year 2025 accounting, recognition for procurement practices, and a strong bond rating for the Department of Public Utilities (DPU).
Mayor Danny Avula stated, “Making good on our promise to be a ‘City Hall that gets things done’ sometimes means getting back to basics. These achievements are important markers of progress, affirming to our residents and to our partners that we are committed to doing the hard work necessary to build a financial system that is capable and resilient.”
On February 27, Richmond received an unmodified audit opinion from CliftonLarsonAllen (CLA), confirming the FY2025 audit is complete and closing the city’s books for the year. The audit shows that general fund revenues slightly exceeded expenditures, all major agencies reaffirmed or improved bond ratings, and there was a surplus totaling $12.6 million. The full audit will be published by March 16, 2026.
In addition, March 2026 has been officially designated as National Procurement Month in Richmond following a proclamation by Mayor Avula. This comes after the Department of Procurement earned its second consecutive Achievement of Excellence in Procurement Award from the National Procurement Institute. The award recognizes organizations demonstrating innovation and leadership in procurement practices.
The city also received statewide recognition last fall when the Virginia Association of Governmental Procurement presented Richmond with its Leading Light Award for procurement excellence.
Moody’s reaffirmed DPU’s Aa1 bond rating in late 2025, which signals strong fiscal health and creditworthiness. This rating allows DPU to borrow at more favorable rates and supports planned infrastructure improvements across Richmond.
Chief Administrative Officer Odie Donald II highlighted these milestones during last month’s Finance and Economic Development committee meeting. He noted accomplishments such as timely real estate tax billing, improvements to the RVAPay portal, and new hires aimed at enhancing service delivery.
“Good government starts and ends with sound fiscal policy and administration and Richmond, we are working on all fronts to deliver just that,” said CAO Donald . “While there is still work to do, announcements like this are evidence that we are advancing the priorities of Richmonders, day-in and day-out. This is the beginning with more good news to follow.”
