Finance and Economic Development Standing Committee
Council Chamber, 2nd Floor – City Hall
Agenda — 58 items
- 1 Persons requesting to provide comments virtually during the public hearings or public comment period held at this meeting, must call the Office of the City Clerk at (804) 646-7955, option 3, by no later than 10:00 a.m., on Wednesday, June 18, 2025.
- 1 Committee Members in Attendance
- 2 Call to Order
- 2 The Honorable Ellen Robertson – Chair The Honorable Stephanie Lynch – Member
- 3 Chamber Emergency Evacuation Plan Announcement and Public Speaker Guidelines
- 3 Absent
- 4 Public Comment Period
- 4 The Honorable Nicole Jones – Vice Chair
- 5 Approval of Minutes
- 5 Staff in Attendance
- 6 May 21, 2025 - Finance and Economic Development Standing Committee Meeting Minutes
- 6 Tori Cotman, Assistant City Attorney Maria Garnett, Council Policy Analyst Nahdiyah Muhammad, Assistant City Clerk
- 7 Paper(s) for Consideration
- 1. To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to execute a Financing Agreement between the City of Richmond and the Virginia Resources Authority for the purpose of funding the Almond Creek Interceptor Creek Crossing and Stream Stabilization project.
- 8 Chair Ellen Robertson called the meeting to order at 2:06 p.m., and presided.
- 2. To amend Ord. No. 2024-099, adopted May 13, 2024, which adopted the Fiscal Year 2025 General Fund Budget and made appropriations pursuant thereto, to (i) create certain new line items in the Non-Departmental agency, (ii) transfer $250,000.00 from the Office of Sustainability, and (iii) appropriate such $250,000.00 to such new line items in the Non-Departmental agency, all for the purpose of providing grants to certain entities to facilitate the implementation of neighborhood climate resilience projects.
- 3. To amend Ord. No. 2024-099, adopted May 13, 2024, which adopted the Fiscal Year 2024-2025 General Fund Budget and made appropriations pursuant thereto, by (i) increasing revenues from estimated personal property taxes, prepared food taxes, betting parlor fees, and cigarette taxes by $4,032,431.00, (ii) reducing total appropriations by $5,663,464.00, (iii) increasing total appropriations by $9,695,895.00, and (iv) transferring funds from various agencies and appropriating the increased revenues and transferred funds to various agencies.
- 10 Upon the Chair’s request, Assistant City Clerk Nahdiyah Muhammad provided information on the appropriate way to evacuate the Council Chamber in an emergency along with public speaker guidelines.
- 11 Presentation(s)
- 12 Minority Business Development Study and Implementation Plan
- 12 There were no public comment speakers.
- 13 June 18, 2025 - Minority Business Development Study and Implementation Plan Presentation
- 14 Board Vacancies
- 14 There were no amendments or corrections to the meeting minutes of May 21, 2025, and the committee approved the minutes as presented.
- 15 There were no board vacancies.
- 16 Discussion Item(s)
- 16 Brandon Hinton, Acting Deputy Chief Administrative Officer (DCAO) for Finance and Administration, addressed the committee regarding his acting role as DCAO.
- 17 There were no discussion items.
- 18 Staff Report
- 18 The following ordinance was considered:
- 19 June 18, 2025 - Finance and Economic Development Staff Report
- 20 Laura Thomas, Director for the Department of Sustainability, provided an introduction and additional background information regarding the proposed ordinance.
- 21 There were no comments or discussions, and Member Stephanie Lynch moved to forward ORD. 2025-142 to Council with the recommendation to approve, which was seconded and approved: Ayes 2, Lynch, Robertson. Noes None.
- 22 The following ordinance was considered:
- 24 Meghan Brown, Director of Budget and Strategic Planning, provided an introduction and additional background information regarding the proposed ordinance.
- 25 Member Stephanie Lynch asked if the proposed ordinance would include allocations to programmatic Council priorities.
- 26 Director Brown stated that the proposed ordinance allowed for budget realignment.
- 27 Member Lynch asked about the Family Crisis Fund not receiving reallocated funding in the proposed ordinance.
- 28 Ms. Brown stated that the purpose of the proposed ordinance is to cover spending that has already occurred and to prevent shortfalls.
- 29 Chair Ellen Robertson requested that city administration provide Council with additional information regarding reallocations before introducing legislation to allow for more review.
- 30 Director Brown further discussed the proposed ordinance with the committee.
- 31 There were no further comments or discussions, and Member Stephanie Lynch moved to forward ORD. 2025-143 to Council with the recommendation to approve, which was seconded and approved: Ayes 2, Lynch, Robertson. Noes None.
- 32 The following ordinance was considered:
- 34 Billy Vaughan, Deputy Director of the Department of Public Utilities, provided an introduction and additional background information regarding the proposed ordinance.
- 35 Chair Ellen Robertson asked about a timeline goal and when funding would be available.
- 36 Deputy Director Vaughan stated that once the funding was awarded, the set timeline would be 6 to 12 months to allow for further discussion. Mr. Vaughan also stated funding would be awarded when a reimbursement request was submitted.
- 37 There were no further comments or discussions, and Member Stephanie Lynch moved to forward ORD. 2025-133 to Council with the recommendation to approve, which was seconded and approved: Ayes 2, Lynch, Robertson. Noes None.
- 40 Patricia Foster, Director of the Office of Minority Business Development, and Vernetta Mitchell, Consultant for Mitchell Consultant Group, presented to the committee a minority business study and implementation plan.
- 42 A copy of the material provided has been filed.
- 43 The committee requested additional information regarding the underutilization of capacity within the Minority Business Enterprise (MBE) community, reporting timeline, increasing capacity usage, Office of Minority Business Development (OMBD) staffing, management training, office budget, capacity recommendations, and closing the gap of discriminatory funding practices.
- 44 Vernetta Mitchell, Consultant for Mitchell Consultant Group, stated that the city's utilization of MBE firms was 3.43% with MBE firms making up 17.93% of estimated availability in the relevant market area.
- 45 Patricia Foster, Director of the Office of Minority Business Development (OMBD), stated that proper support was needed from city administration to increase return rates. Director Foster further stated OMBD has not received an increase or decrease in funding. Ms. Foster also stated that OMBD would need to focus on building capacity to assist with the needs of the MBE community. Ms. Foster provided the committee with additional information regarding increased staffing and participation of the MBE community. Ms. Foster reported that most financial institutions have rules and regulations that challenge minority businesses.
- 46 Director Foster continued to discuss the study and implementation plan for minority business development with the committee.
- 47 Chair Ellen Robertson stated that she had asked Council staff to draft legislation regarding the disparity study to include a strategy addressing the findings and recommendations of the study.
- 53 Council staff provided the committee with the June Finance and Economic Development staff report.
- 55 A copy of the material provided has been filed.
- 56 Adjournment
- 57 There being no further business, the meeting adjourned at 3:13 p.m.