Richmond City Commissioners on Monday reviewed a proposed budget for the next fiscal year that includes a new $2 million city hall building.
If adopted in September, residents may see a slight bump in their water bill, as the city is proposing a 3% water rate increase to help fund incoming capital projects, such as drainage improvements and street rehabilitation.
Currently, property tax is set at 69 cents per $100 value and it will stay that way for the incoming proposed budget, according to information included with Monday’s agenda.
The current budget is roughly $18.5 million and budget planners expect it to increase to $19.3 million next year.
The proposed budget also includes $524,104 in CARES Act funding, and several other adjustments to help with budget requests.
Those requests include a grant of $6,265 for the Bulletproof Vest Partnership, which will help provide more bulletproof vests. The sales tax, which is currently at 8.25% with 2% going directly to the city’s revenue, will return back to normal as 4% of the funds earned will be transferred to help upgrade technology used in several departments throughout the city.
Several projects, including upgrades for George Park, construction on the Rabbs Walking Trail and a new parks maintenance building, also have been highlighted on the proposed budget.
City commissioners plan to talk about property taxes for the 2022 fiscal year during the next regular meeting scheduled for Aug. 16 at 4:30 p.m.