Frequently Asked Questions
A list of Frequently Asked Questions concerning the Department of Budget and Strategic Planning.
Performance-Based Budgeting (PBB) is the assumption that presenting performance information alongside budget amounts will improve budget decision making by focusing funding choices on program results.
The City introduced its PBB initiative during the Fiscal Year 2020 Budget Development process. For more information, see Section 5, Page 1 of the Adopted Amendments to the Biennial Fiscal Plan for Fiscal Year 2020, found under "Budget Docs" on the menu atop the page.
A Fiscal Year is the one-year period that governments use for financial reporting and budgeting. The City's fiscal year begins on July 1st and ends on June 30th.
The General Fund is one of several sources in which the City of Richmond allocates resources. More specifically, it is the primary operating fund which accounts for all revenues and expenditures that are not accounted for in specific purpose funds. It finances the regular day-to-day operations of the City.
Enterprise funds are government entities that raise funds from the goods and services they provide to the public. Examples include Public Utilities and Parking Management.
The city uses the following methods to connect with its citizens:
- Citizen surveys
- Community town halls held by the Mayor
- City Council meetings
Annual represents a period of funding for one year, Biennial represents funding for two years.
The Capital Improvement Program, or CIP, is a plan used by the City to strategically invest in and develop capital projects. A project that is included in the City’s capital budget is broadly defined as requiring the expenditure of public funds, for the purchase, construction, enhancement or replacement of physical infrastructure/assets.
The Proposed Budget is submitted by the Mayor to members of City Council for review. City Council considers and amends the Mayor’s proposals. Following the deliberation process, the City’s Budget is adopted for the period beginning July 1st through June 30th.