Summary

Finance and Economic Development Standing Committee summary — November 19, 2025

RichmondNov 19, 20253 min read

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The Finance and Economic Development Standing Committee met on November 19, 2025 at 2:00 PM in the Council Chamber, City Hall. The committee reviewed eight items (ordinances and resolutions) and forwarded all to the December 8, 2025 City Council meeting; most were recommended for approval. Major actions included authorization to accept multiple grants and state funds, creation of two new special funds (CoStar Special Fund and AARP Community Challenge Special Fund), approval to enter the 28th CARE cooperation agreement, a budget transfer to support participatory budgeting, a request to inventory displacement-mitigation programs, and a budget policy request regarding the proposed real estate tax levy. Presentations included an ARPA quarterly update and a Fiscal Year surplus briefing.

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Finance and Economic Development Standing Committee

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TransportationBudget & TaxPublic SafetyCommerceHousing

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Key decisions

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ORD. 2025-246 forwarded to the December 8, 2025 Council meeting with recommendation to approve acceptance of $3,817 from the National Recreation and Park Association and appropriation to the Department of Parks, Recreation, and Community Facilities’ Grant - Mentoring Opportunities for Youth Initiative Special Fund (youth services addressing substance misuse).
ORD. 2025-247 forwarded to the December 8, 2025 Council meeting with recommendation to approve acceptance of $15,000,000 from the Commonwealth of Virginia and creation of a Department of Economic Development "CoStar Special Fund" to fund infrastructure at CoStar Realty Information, Inc.’s facilities at 501 South 5th Street and 600 Tredegar Street.
ORD. 2025-248 forwarded to the December 8, 2025 Council meeting with recommendation to approve acceptance of $25,000 from AARP and creation of a Department of Public Works "AARP Community Challenge Special Fund" to fund planning, design, construction, and implementation of a bus boarding platform.
ORD. 2025-249 forwarded to the December 8, 2025 Council meeting with recommendation to approve entering into the Twenty-Eighth Commercial Area Revitalization Effort (CARE) Program Cooperation Agreement with the Economic Development Authority for operation of the CARE Program.
ORD. 2025-250 forwarded to the December 8, 2025 Council meeting with recommendation to approve acceptance of $18,319 from the Virginia Department of Fire Programs and appropriation to the Department of Fire and Emergency Services’ State Fire Programs Special Fund for training, equipment, and protective clothing.
ORD. 2025-251 forwarded to the December 8, 2025 Council meeting with recommendation to approve amendment to the FY2025-2026 General Fund Budget transferring $284,175 from the Council Chief of Staff to the Chief Administrative Offices to support the participatory budgeting process.
RES. 2025-R043 forwarded to the December 8, 2025 Council meeting with recommendation to approve requesting the Chief Administrative Officer to direct the Department of Finance and Department of Housing and Community Development (with other relevant departments) to inventory displacement-mitigation programs, assess effectiveness, and report findings and recommendations to Council within 120 days.
RES. 2025-R050 forwarded to the December 8, 2025 Council meeting with no recommendation; requests the Mayor propose a FY2026-2027 budget recommending a real estate tax levy of $1.16 per $100 of assessed value.

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