May 19, 2026
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Finance Department
AGENDA
REPORT
DATE: May 19, 2026
TO: Mayor Martinez and Members of the City Council
FROM: Emily Combs, Director of Finance
Mubeen Qader, Deputy Director of Finance
Antonio Banuelos, Accounting Manager
Subject: Setting Tax Rate for the Pension Tax Override Fund for Fiscal Year 2026-27
FINANCIAL IMPACT: The tax levy on taxable real and personal property located within the City’s taxing districts is expected to yield $30.1 million for the City of Richmond’s Pension Tax Override Fund. The tax rate is unchanged from the prior year. Revenue continues to be tied to changes in the
assessed valuations of Richmond properties.
PREVIOUS COUNCIL
ACTION:
None.
STATEMENT OF THE
ISSUE:
The proposed ordinance sets the tax rate for the Pension Tax Override Fund for Fiscal Year 2026-2027 at 0.14
percent, which is unchanged from the prior fiscal year.
RECOMMENDED ACTION: INTRODUCE an ordinance (first reading) setting the tax rate for the Tax Override Pension Fund for Fiscal Year
2026-2027 at 0.14 percent – Finance Department
(Emily Combs/Mubeen Qader/ Antonio Banuelos 620-
6741).
May 19, 2026
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2024
DISCUSSION:
The proposed ordinance is pursuant to Section 13.16.010 of the Richmond Municipal Code, which requires the City Council to annually determine and fix the rate for each Taxing District of the City.
The tax rate for the Pension Tax Override upon all taxable real and personal property assessed in the City of Richmond, County of Contra Costa, State of California, for the fiscal year beginning July 1, 2026, and ending June 30, 2027, is determined and should be set at 0.14 percent. This determined rate is unchanged from prior years and is consistent with bond covenants that require the City to charge a maximum rate of 0.14 percent. Proceeds in excess of the bond repayment requirements are applied to relieve the City of qualified pension costs paid by the City’s General Fund.
DOCUMENTS ATTACHED:
Attachment 1 – Ordinance