Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Richmond commissioners take first reading of FY2026 budget; general fund appropriations set at about $49.4 million
Summary
City finance director presented the FY2026 budget at first reading, showing $65.3 million in resources and $49.4 million in general fund appropriations; commissioners noted that the budget requires a second reading and publication before adoption.
The Richmond City Board of Commissioners received the first reading of the proposed fiscal year 2026 budget, which the finance director presented with line-item highlights and fund balances.
Finance Director Sharon read the ordinance vernacular and key figures for the budget year beginning July 2025 and ending June 2026. The budget documents as read show estimated general-fund resources of $65,332,004, total general-fund appropriations of $49,437,315 and an estimated ending general-fund balance of $15,894,689 as of June 30, 2026. Other fund highlights included a contingency reserve fund resources total of $29,097,597, a capital projects fund with a beginning balance of $9,861,489 and ARPA funds with a balance and appropriation of $868,908. The presentation also referenced approximately $47.2 million in bond funds carried forward for capital projects that staff expect to draw down during the coming year.
Commissioner Newby emphasized that the budget process is multi-step: a work session, tonight’s first reading and a required second reading and publication before the budget is final. The commissioner said the work session does not make the budget official and reminded the public that additional steps remain.
Questions from commissioners during the meeting addressed specific line items, including an interlocal contribution of $10,000 to emergency management (EMA) and how that contribution interacts with upcoming 9-1-1 property-tax proceeds. Staff explained the EMA contribution is a separate intergovernmental obligation and that a new property-tax vehicle for 9-1-1 will be collected separately; the EMA contribution is a percentage-based share among three governments and the $10,000 annual contribution phases out if a reserve reaches $200,000. The meeting record shows follow-up questions and clarifications but no final vote; the ordinance requires a second reading before adoption.
Why it matters: The proposed appropriations and fund balances set priorities for city operations, capital projects and contingency reserves. The board’s discussion highlighted intergovernmental funding questions and the need for additional steps before final adoption.
Next steps: The budget will return for a second reading and publication in accordance with the ordinance language and applicable Kentucky law.
