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Radford city manager outlines fiscal strains, says state auditor has opened follow-up review
Summary
City Manager Todd Meredith told the council the city has taken steps to stabilize cash flow but faces repeated revenue overestimates and a downward trend in financial ratios; the Virginia Auditor of Public Accounts has begun a follow-up review that could lead to state-supported recovery assistance if Radford meets fiscal-distress criteria.
City Manager Todd Meredith told Radford City Council on Dec. 16 that the city has taken “critical first steps” to stabilize cash flows but continues to face structural budget challenges that attracted the attention of the Virginia Auditor of Public Accounts.
In a midyear presentation on the city’s fiscal year 2026 finances, Meredith said the city paid off a revenue anticipation note and adopted several revenue increases — including higher real-estate and personal-property tax rates, a 1% meals-tax increase and a rise in solid-waste and water/sewer fees. He added staff reduced payroll through attrition by about 28…
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