Richmond City Officials Began FY2028 Budget Planning

City leaders have officially initiated the planning process for the 2028 fiscal budget.

Updated on Sept. 22, 2026 in Remote Work

Isometric editorial illustration of a historic stone municipal building, representing the structure of city budget planning. — Richmond city officials and council members have officially launched the planning cycle for the fiscal year 2028 budget, prioritizing housing and workforce development. AI Illustration. Upload story photo >

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Richmond officials and City Council members met on September 22 to launch the fiscal year 2028 budget planning cycle. The city has identified workforce development, public housing, and cost of living as their primary financial priorities for the upcoming period.

Why it matters

Effective budget planning is essential for the city to maintain its long-term financial commitments to the Affordable Housing Trust fund. Establishing these priorities early allows city leadership to align public spending with the immediate needs of residents.

Richmond maintains a real estate tax rate of $1.20 per $100 of assessed value, based on an average home price of $405,000. Each one-cent reduction in that rate would result in $40.50 in annual savings for an average homeowner.

The players

Danny Avula

Danny Avula serves as the Mayor of Richmond and leads the municipal administration.

Boys & Girls Club of Metro Richmond

The Boys & Girls Club of Metro Richmond is a local organization that hosts community and civic events.

The details

A Budget Task Force has established a formal timeline for upcoming presentations and opportunities for public input. City leaders are currently conducting a series of community meetings to ensure constituent priorities are incorporated into the final fiscal strategy.

October 2025: Council voted to maintain the real estate tax rate.
September 22, 2026: City officials held a budget kickoff meeting.
October 2026: Budget discussions are scheduled to begin.

Market Landscape

The city's budgetary approach follows the requirements of the Affordable Housing Trust fund, which mandates a consistent revenue stream. This planning cycle ensures Richmond maintains its current service levels while balancing the broader economic challenges facing the region.

Residents can expect the municipal tax rate to remain steady for now at $1.20 per $100 of property value. Community members should prepare to participate in upcoming public input sessions to influence how the city addresses local cost of living issues.

The takeaway

The budget planning process provides a venue for residents to communicate their financial needs directly to city officials. Early engagement in these meetings is the most effective way for homeowners and workers to provide input on the city's housing and workforce goals.