The City of Richmond presented an update on its financial and budgetary progress to the Finance and Economic Development Standing Committee, emphasizing a year marked by efforts to improve fiscal management and transparency. Chief Administrative Officer Odie Donald II outlined steps taken since Mayor Danny Avula assumed office, highlighting a focus on collaboration with the City Council and the community.
Donald noted that the administration faced significant challenges in restoring the city’s Finance and Budget functions. These included issues such as limited internal controls, inconsistent reporting, unexpected costs, numerous audit findings, leadership shortages, staffing constraints, and outdated systems.
“Financial transparency, best in class service delivery, and collaboration with Council and our community remain central to how we operate,” said Donald. “This update provides a thorough look at the measurable progress we’ve made together, and next steps in ensuring that the government’s fiscal health supports the long-term stability and growth of Richmond.”
To address these challenges, several measures were implemented over recent months. The city strengthened its executive leadership by hiring a new Deputy Chief Administrative Officer for Finance and Administration, a new Director of Finance, and a new Director of Revenue. In December 2025, more than 70,000 accurate real estate tax bills were issued after operational improvements within the Department of Finance.
Further changes included enhancements to the RVA Business / RVA Pay Portal launched in January 2026 to improve taxpayer compliance and transparency for the 2026 tax year. That same month saw implementation of an updated business license tax structure under Ordinance No. 2024-187. This ordinance doubled the exemption threshold from $250,000 to $500,000; small businesses with gross receipts between $5,000 and $500,000 now pay a flat $30 license fee.
Other legislative and fiscal matters addressed during the year involved settlement agreements such as Grimm settlement, enabling legislation for GAP Grants, proposed tax rollback rates, janitorial and security-related ordinances, as well as continued support for affordable housing initiatives.
Despite these transitions and ongoing reforms, Richmond has maintained strong credit ratings from Moody’s—retaining both its Aa1 issuer rating and Aa1 general obligation unlimited tax (GOULT) rating.
“We are committed to getting this right,” said Tanikia Jackson, Deputy Chief Administrative Officer for Finance and Administration. “And that means turning over every stone to, in the words of Mayor Avula, ‘Look for it, Find it, and Fix it.’ I’m excited by the work we’ve done on behalf of Richmonders and look forward to reporting back on additional actions taken in the coming months.”
