FY 2024-25 Quarter 4 Financial Report and Administrative Budget Adjustments
1 Shasa Curl, City Manager
Nickie Mastay, Deputy City Manager, Internal Services
Emily Combs, Director of Finance
Mubeen Qader, Deputy Director of Finance
Jerry Gurule, Accounting Manager
Antonio Banuelos, Accounting Manager
DRAFT
City of Richmond
December 16, 2025
Overview
2 • Recommended Action
• Fiscal Horizon and Long-Term Financial Outlook
• General Fund Reserve and Unspent Funds
• General Fund Revenue and Expenditures
• Non-General Fund Revenue and Expenditures
• Proposed Budget Adjustments
• Unspent Funds Appropriations
• Next Steps
• Questions
Parchester Village Mural Project
Boorman Park
Recommended Action
RECEIVE the Fiscal Year (FY) 2024-25 Quarter
4 (Q4) report for the period of July 1, 2024,
through June 30, 2025
ADOPT a RESOLUTION to APPROPRIATE
proposed administrative year-end budget
adjustments in FY 2024-25
ADOPT a RESOLUTION to APPROPRIATE
Unspent Funds in FY 2025-26
3 Parchester Village Mural Project
Fiscal Horizon and Long-Term Financial Outlook
4 The City adopted a balanced budget for FY 2025-2026,
reflecting prudent fiscal management. While the
current financial position is stable, the City must
proactively address the following key areas on the City’s fiscal horizon:
• CalPERS Pension Unfunded Liability – $352.2M
• Other Post Employment Benefits Unfunded Liability – $63.4M • CalPERS Healthcare Premium – 2026 rate increase by 8.21% • Current Unfunded Capital Needs (Present Value Estimate) – $901.2M
• Effects of the federal policies and budget on City revenue and federally funded programs
General Fund Reserve
5 Item Amount Notes
FY 2024-25 Fund Balance (Reserve) 65,262,325 Beginning Fund Balance (Reserve) FY 2024-25 Policy Target Reserve (21%) 52,276,428 Based on $249.0 million FY 2024-25 Adopted Budget
a. Beginning amount above FY 2024-25 Policy
Target Reserve
12,985,897 Based on $249.0 million FY 2024-25 Adopted
Budget
FY 2024-25 Actual Revenue 254,803,138 Estimated Year-End Revenues FY 2024-25 Actual Expenditure 257,875,368 Estimated Year-End Expenditures b. FY 2024-25 Actual Revenue minus Expenditures* (3,072,230) Operating Deficit* FY 2024-25 Revised Ending Fund Balance (Reserve) 62,190,095 Revised Reserve with Deficit c. Increase in Policy Target Reserve from FY 2024-
25 to FY 2025-26 of $54,611,239
(2,334,811) Amount needed for 21% Reserve Target for
FY 2025-26
Estimated Unspent Funds (a + b + c) 7,578,856 Amount above 21% Reserve Target *FY 2024-25 projected Actual Expenditures exceed FY 2024-25 Actual Revenues resulting in no contribution to Pension and Other Post-Employment Benefits per year-end surplus clauses in respective City Council approved policies. Contributions will be re-evaluated as part of the year-end audit and presented to the City Council in early 2026.
FY 2024-25 General Fund Summary(unaudited)
General Fund
FY 2024-25
ORIGINAL
BUDGET
FY 2024-25
REVISED
BUDGET
ESTIMATED
YEAR-END
ACTUALS
VARIANCE
REVENUE TOTAL 248,935,372 250,327,835 254,803,138 102%
EXPENDITURE TOTAL 248,935,372 266,925,091 257,875,368 97%
GENERAL FUND NET
+SURPLUS/(-DEFICIT) (16,597,256)* (3,072,230)
6 *Details of City Council approved Appropriations during FY 2024-25 to follow on slide 7 3rd of July FireworksRichmond Build Graduation Harbour-8 Park: Harbour Hall
General Fund Appropriations from Fund Balance
7 City
Council
Direction
Description Budget
9/24/2024 Paratransit Cost Plan Reduction 220,202
10/01/2024 Estimated FY 2023-2024 Unspent Funds Appropriated 5,735,634 11/19/2024 Operating Costs Appropriated During Q1 Update 334,464 11/19/2024 Library Renovation Project 4,100,000
12/17/2024 Legal Costs - Nevers, Palazzo, Packard, Wildermuth & Wynner, P.C. 200,000 12/17/2024 Legal Costs - Bertrand, Fox, Elliot, Osman, & Wenzel 200,000 12/17/2024 Legal Costs - Aleshire & Wynder, LLP 154,626 12/17/2024 Race Forward Equity Initiative Training Contract 48,325 3/11/2025 Immigration Services (City Council Action March 4, 2025) 1,000,000 3/11/2025 Capital Projects – FY 2023-2024 Unspent Funds Appropriated 4,571,504 3/25/2025 Senate Bill 54, Chapter 45 Implementation Plan 32,500 Total 16,597,256
FY 2024-25 General Fund Revenue
8 GENERAL FUND
FY 2024-25
ORIGINAL
BUDGET
FY 2024-25
REVISED BUDGET
ESTIMATED
YEAR-END
ACTUALS
VARIANCE
PROPERTY TAXES 57,597,487 57,597,487 55,064,108 96%
SALES & USE TAX 60,456,550 60,901,150 59,619,633 98%
UTILITY USERS TAX 62,092,359 62,092,359 63,825,320 103% OTHER TAXES 23,405,397 23,405,397 27,189,502 116%
LICENSES, PERMITS & FEES 16,252,770 16,352,770 16,295,944 100% FINES & FORFEITURES 176,438 176,438 496,281 281%
INTEREST INCOME 1,796,421 1,796,421 3,534,307 197%
CHARGES FOR SERVICES 3,255,703 3,255,703 3,218,795 99%
OTHER REVENUE 142,830 142,830 456,853 320%
RENTAL INCOME 777,478 777,478 946,722 122%
INTERGOVERMENT STATE TAXES 125,000 125,000 182,741 146% STATE GRANT 130,000 130,000 329,648 254%
OTHER GRANT 250,000 250,000 550,914 220%
PROCEEDS FROM PROPERTY SALES 15,000 15,000 32,814 219%
LOAN/BOND PROCEEDS 40,400 40,400 - 0%
TRANSFERS IN 22,421,539 23,269,402 23,059,557 99%
REVENUE TOTAL 248,935,372 250,327,835 254,803,138 102%
FY 2024-25 General Fund Revenue
9 $57.6
$60.9
$62.1
$23.4
$16.4
$6.7
$23.3
$55.1
$59.6
$63.8
$27.2
$16.3
$9.7
$23.1
$- $10 $20 $30 $40 $50 $60 $70
PROPERTY TAXES
SALES & USE TAX
UTILITY USERS TAX
OTHER TAXES
LICENSES, PERMITS & FEES
OTHER REVENUE
TRANSFERS IN
Millions
Revenue Category
ESTIMATED YEAR END ACTUALS REVISED BUDGET
FY 2024-25 General Fund Expenditures
10 GENERAL FUND
FY 2024-25
ORIGINAL
BUDGET
FY 2024-25
REVISED
BUDGET
ESTIMATED
YEAR-END
ACTUALS
VARIANCE
SALARIES AND WAGES 95,236,672 93,491,716 90,279,931 97% PAYROLL/FRINGE BENEFIT 70,666,262 70,627,111 71,473,537 101% PROFESSIONAL & ADMINISTRATIVE 20,378,340 23,108,323 18,423,301 80% OTHER OPERATING 8,862,886 7,436,604 7,602,966 102%
UTILITIES 5,594,204 6,714,718 6,723,076 100%
EQUIPMENT & CONTRACT SERVICES 4,315,665 5,590,483 4,729,638 85% PROVISION FOR INSURANCE LOSS 35,500 35,892 34,392 96%
COST POOL 23,400,598 24,750,598 24,700,598 100%
ASSET/CAPITAL OUTLAY 2,502,328 4,108,413 3,027,375 74%
DEBT SERVICE EXPENDITURE 850,905 851,647 852,862 100%
COST PLAN REIMBURSEMENT (3,514,373) (3,294,171) (3,424,409) 104% GRANT EXPENDITURES 49,013 52,246 590 1%
TRANSFERS OUT 20,557,373 33,451,511 33,451,510 100%
EXPENDITURE TOTAL 248,935,372 266,925,091 257,875,368 97% FY 2024-25 General Fund Expenditures
11 $93.5
$70.6
$23.1
$7.4
$6.7
$4.1
$5.6
$24.8
$0.9
$(3.3)
$33.5
$90.3
$71.5
$18.4
$7.6
$6.7
$3.0
$4.7
$24.7
$0.9
$(3.4)
$33.5
$(5) $15 $35 $55 $75 $95
SALARIES AND WAGES
PYRLL/FRINGE BENEFIT
PROFESSIONAL & ADMIN
OTHER OPERATING
UTILITIES
ASSET/CAPITAL OUTLAY
EQUIPMENT & CONTRACT
COST POOL
DEBT SVC EXPENDITURE
A87 COST PLAN REIMB.
TRANSFERS OUT
Millions
Expenditure Category
REVISED BUDGET ESTIMATED YEAR END ACTUALS
FY 2024-25 Non-General Fund Revenue
FUND TYPE
FY 2024-25
ORIGINAL
BUDGET
FY 2024-25
REVISED
BUDGET
ESTIMATED
YEAR-END
ACTUALS
VARIANCE
Capital Improvement Funds 63,990,718 86,313,489 52,231,835 61% Debt Service Funds 16,161,500 16,161,500 16,334,501 101% Enterprise Funds 42,902,846 44,502,346 49,112,564 110%
Housing Funds 2,702,120 2,718,720 1,939,000 71%
Housing Authority Funds 4,676,806 4,676,806 3,959,067 85% Internal Service Funds 36,850,188 38,019,390 41,300,555 109% Other Operations Funds 24,015,680 25,213,708 17,695,242 70% Special Revenue Funds 62,708,434 87,053,132 56,964,597 65% TOTAL REVENUES 254,008,291 304,659,089 239,537,360 79%
12 FY 2024-25 Non-General Fund Expenditures
FUND TYPE
FY2024-25
ORIGINAL
BUDGET
FY2024-25
REVISED BUDGET
ESTIMATED YEAR-
END ACTUALS VARIANCE
Capital Improvement Funds 69,582,572 114,709,634 45,596,574 40% Debt Service Funds 16,261,836 16,261,836 16,263,249 100% Enterprise Funds 76,617,418 95,720,227 48,226,712 50%
Housing Funds 5,821,825 6,098,867 1,879,976 31%
Housing Authority Funds 4,685,856 4,685,856 3,487,180 74% Internal Service Funds 42,736,426 47,087,951 41,832,970 89% Other Operations Funds 27,804,640 30,952,944 22,841,319 74% Special Revenue Funds 88,567,660 125,578,887 71,332,021 57% TOTAL EXPENDITURES 332,078,233 441,096,203 251,460,002 57% 13 FY 2024-25 Non-General Fund Budget Adjustments
Fund Type Fund Fund Description Revenue Expenditures
Capital Improvement 1019 Road Maintenance and Rehabilitation - 36,426 Capital Improvement 2110 Impact Fee Parks/PW 7,584 940
Capital Improvement 2111 Impact Fee Traffic 43,232 4,662 Capital Improvement 2113 Impact Fee Fire 58,305 2,338
Capital Improvement 2114 Impact Fee Police 9,267 767
Capital Improvement 2115 Impact Fee Comm/Aquatic 53,619 3,671 Capital Improvement 2116 Impact Fee Open Park 170,551 13,734 Capital Improvement 2117 Impact Fee Library 49,143 3,810 Capital Improvement 2119 Impact Fee Storm Drainage 6,615 1,081 Capital Improvement 2120 Impact Fee Wastewater 10,300 496 Enterprise Fund 4006 Stormwater - 751,000
Enterprise Fund 4008 KCRT 72,037 -
Other Operations 1012 Hilltop Landscaping District 54,095 - Other Operations 1205 Employment & Training 294,755 -
Internal Services 5003 Equipment Services 2,904,273 2,904,273 Housing Authority 4405 RHA – Nystrom Village (216,861) - Housing Authority 4501 RHA – Central Office Cost Center 216,861 - Total 3,733,777 3,723,200
14 FY 2024-25 General Fund Identified Budget Adjustments – Remaining Unspent Funds
15 Total Unspent Funds 7,578,856
Administrative Adjustments
Fire Trucks (Cost Escalation) 2,504,273
Employment & Training General Fund Subsidy 294,755
Hilltop Landscaping and Maintenance District General Fund Subsidy (Negative Fund Balance) 54,095
KCRT General Fund Subsidy (Negative Fund Balance) 72,037 Muni-Code Recodification 66,555
Total Identified Expenditures Pending Appropriation 2,991,715 Remaining Unspent Funds 4,587,141
REMAINING UNSPENT FUNDS
PROPOSED FUNDING ALLOCATIONS
16 The majority of funding addresses critical lighting and safety improvements citywide Streetlight Program 65% ($3.0M)
Parks & Open Spaces Program 17% ($800K)
Bridge Maintenance 9% ($400K)
13th St Complete Street 7% ($300K)
Community Center 2% ($100K)
$4.6M
SHIELDS-REID PARK
AND COMMUNITY CENTER
$100,000
Description: Funding will be utilized to implement
improvements for the Community Center to align with
the character of the newly revitalized park.
Current Phase Construction
Est. Project Cost ~$8,300,000
Timeline Winter 2026
Completion Spring/Summer 2026
IMPROVED COMMUNITY CENTER
Funding Shortfall $100,000
17 Public Art by Lewis Watts
New Soccer Field New Exercise Area
October 2025 Soccer Field Grading
Description: This project transforms 13th Street from
the Pennsylvania Ave Bridge to Costa Avenue into a
'Complete Street'—balancing space for cars with new
protected bike lanes, wider sidewalks, and safer
crossings to connect our neighborhoods.
13TH STREET ‘COMPLETE STREET’
$300,000
IMPROVED STREETS FOR EVERYONE
18 Current Phase Bid and Award (Shovel Ready)
Est. Project Cost ~$5,638,949
Timeline Spring 2026
Completion Spring 2027
Funding Shortfall $300,000
PRESERVES INFRASTRUCTURE
BRIDGE PREVENTATIVE MAINTENANCE
$400,000
Description: Complete preventative maintenance—including cleaning, applying protective sealing, and repairing joints and hardware—to extend the lifespan of portions 7.5-mile arterial road along the Richmond Parkway (an overpass/roadway) that connects I-80 and I-580 near the Richmond-San Rafeal Bridge and the Pennsylvania Avenue Bridge (low railroad overpass).
19 Current Phase Bid & Award (Shovel Ready)
Est. Project Cost ~$4,200,000
Timeline Spring 2026
Completion Winter 2026
Funding Shortfall $400,000
Description: Comprehensive lighting improvements including the installation of solar-powered units to enhance energy efficiency and public safety.
STREETLIGHT PROGRAM
$3,000,000
ENHANCES PUBLIC SAFETY
20 Current Phase Bid & Award (Shovel Ready)
Est. Project Cost ~$3,000,000
Timeline Winter 2026
Completion Summer 2026
Funding Shortfall $3,000,000
12-14 TARGET LOCATIONS (MAY INCLUDE):
Current Phase Bid & Award (Shovel Ready)
Est. Project Cost ~$800,000
Timeline Winter 2026
Completion Fall 2026
Funding Shortfall $800,000
Rain Cloud Park
PARKS AND OPEN SPACES PROGRAM – PLAY EQUIPMENT
$800,000 PLAY EQUIPMENT UPGRADES
Citywide upgrades to aging play structures.
Boyd Park: Comprehensive equipment replacement.
Rain Cloud Park: Comprehensive equipment replacement.
Description: Investment in community well-being
through the modernization of recreational facilities.
21 Richard J. Boyd Park
Proposed
Proposed
Existing
Rain Cloud Park
Existing
Richard J. Boyd Park
Project Name Scope / Notes Requested
Budget
Streetlight Program Lighting Improvements Including Solar (12 Locations) $3,000,000 Parks and Open Spaces Program Play Equipment Upgrades Citywide Including Boyd & Rain Cloud Parks $800,000
Bridge Preventative Maintenance Richmond Parkway & Pennsylvania Avenue $400,000 13th Street Complete Street Pennsylvania Ave & 13th Street Improvements $300,000 Shields-Reid Community Center
Improvements Additional scope for community needs $100,000 TOTAL REQUEST $4,600,000
PROPOSED BUDGET SUMMARY
22 Next Steps
23 1. Continue working with the auditors to complete the FY 2024-25 year-end audit and publish the Annual
Comprehensive Financial Report (ACFR).
2. Present the year-end audit results and ACFR to
the City Council along with the actual General
Fund Unspent Funds and appropriate those funds
in early 2026.
3. Receive an update from Richmond Fire Chief
Osorio on the paramedic program (ALS) and
capital needs for the fire stations.
Recommended Action
RECEIVE the Fiscal Year (FY) 2024-25 Quarter 4 (Q4) report for the period of July 1, 2024, through June 30, 2025
ADOPT a RESOLUTION to APPROPRIATE proposed
administrative year-end budget adjustments in FY 2024-25 ADOPT a RESOLUTION to APPROPRIATE Unspent Funds in
FY 2025-26
24 Questions?
Thank You!
25