Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Radford council schedules second reading on budget amid electric-rate concern
Summary
Council members discussed the fiscal 2026 budget, the city's $4 million transfer from the electric utility to the general fund and the prospect of buying power on the open market after a long-term contract ends; council set a second reading and final votes for April 28 at 6 p.m.
Radford City Council used updates at its April 27 meeting to frame a budget decision set for a second reading and vote the following evening.
The mayor and staff described a roughly $4,000,000 transfer from the electric utility to the general fund that effectively supports general services; the mayor said that $4 million "equates to about 40¢ on the real estate tax." Council members emphasized that the city is moving off a 20-year wholesale power contract in June and will purchase power on the open market, a change they described as making electric costs unpredictable.
City staff and council discussed the mechanics of rate adjustments and budget balancing. The mayor noted that each one-percentage-point change in the electric rate represents about $250,000 to $300,000 in revenue and that reducing or eliminating the transfer would require difficult trade-offs: "That $4,000,000 equates to about 40¢ on the real estate tax, and that would be a substantial chunk for folks," the mayor said.
Todd (city staff) said the fiscal 2026 audit materials were submitted and that auditors have begun work; the council expects the auditors to return in a couple of weeks with initial results. The council scheduled a short presentation and the second reading of the budget for April 28 at 6 p.m. in Council Chambers, where members said they would vote on the budget.
