October 6, 2026
City Council
DATE: October 6, 2026
TO: Mayor Martinez and Members of the City Council
FROM: Vice Mayor Doria Robinson
Councilmember Claudia Jimenez
Subject: Create a Financial Report to The Council
FINANCIAL IMPACT: None
PREVIOUS COUNCIL
ACTION:
Budget presentations
STATEMENT OF THE
ISSUE:
Council needs a clear and consistent understanding of
the City of Richmond’s current financial position to make informed decisions regarding the City’s fiscal health and future direction.
Staff is requested to complete the attached financial
template showing revenue, one-time/short-term revenue,
expenses, surplus/deficit, allocated surplus, and reserves for FY2023-24 through FY2026-27, including budget,
revised budget, year-end, actual, and audited financial data where available.
This information will provide Council with a
comprehensive view of the City’s financial position and help identify any potential structural deficit requiring immediate attention.
AGENDA
REPORT
October 6, 2026
RECOMMENDED ACTION:
DIRECT the city manager or designee to present, at the
10/20/26 Council meeting, information on the financial
status of the City from FY 2023 - 2024 - FY 2026-2027
using the provided template. As indicated in the template, this information should include: revenue—including shortterm, one-time sources and interest earnings—expenses, surplus or deficit, allocated surplus, and reserves. It should also provide clear information on the funds
received thus far from the Chevron settlement, including any allocations, what the balance is, current interest
earned and total settlement balance as of 9/30/26 by
fiscal year. Using the template provided this report should present financial data by 1)the prior-year budget
projection, 2) Council-approved budget, 3) midyear
budget revision, 4) budget at close, 5) actuals at close, and 6) the audited financial statements. The city manager or designee should add any addition criteria or financial categories deemed necessary to offer a complete and
accurate summary of City finances to the City Council
and the public; and DIRECT the city manager or their
designee to engage a qualified municipal advisor to
independently review the financial information for
accuracy and consistency - Councilmember Doria
Robinson (510-620-6568)/Councilmember Claudia
Jimenez (510-620-6565).
DISCUSSION:
A clear understanding of the City’s financial position is essential for the Council to make informed decisions about the City’s current and future priorities. Recent Council discussions have highlighted the need for a consistent, comprehensive view of revenues, expenditures, reserves, and the use of one-time funding.
The requested financial information will allow Council to compare projected budgets, adopted budgets, budget revisions, year-end results, actuals, and audited financials for FY2023-24 through FY2026-27. Presenting this information in one standardized format
October 6, 2026
will help Council identify financial trends, understand the City’s use of one-time resources, and determine whether there are ongoing structural budget challenges that require attention.
Having this information available at the next Council meeting will provide Council with a shared factual foundation for evaluating the City’s financial condition and determining appropriate next steps.
DOCUMENTS ATTACHED:
Attachment 1 — Excel template to fill the information