City announces additional progress in advancing fiscal stewardship and discipline 

Richmond, VA  — The City of Richmond is proud to announce additional milestones made in the advancement of fiscal stewardship and discipline, including the official closing of its FY2025 accounting, receipt of the 2025 Achievement of Excellence in Procurement Award from the National Procurement Institute, and the earning of a Aa1 bond rating by our Department of Public Utilities (DPU). 

“Making good on our promise to be a ‘City Hall that gets things done’ sometimes means getting back to basics,” said Mayor Danny Avula referencing Pillar One of his Mayoral Action Plan . "These achievements are important markers of progress, affirming to our residents and to our partners that we are committed to doing the hard work necessary to build a financial system that is capable and resilient.” 

FY2025 Annual Comprehensive Financial Report (ACFR) 

Last Friday, February 27, the City received its unmodified audit opinion from external auditor CliftonLarsonAllen (CLA) confirming that the FY25 audit is complete, and the City’s books are officially closed for the Fiscal Year 2025. A few key highlights on the City’s financial footing which are detailed in that audit and in the linked memo : 

• The City ended FY2025 in a stable and positive financial position
• General Fund revenues slightly exceeded expenditures
• Bond ratings were reaffirmed or improved by all major rating agencies
• The surplus totals $12.6 million 

The City will publish the full and complete audit by March 16, 2026 and will present to City Council shortly thereafter.  

National Procurement Month and the Excellence in Procurement Award 

On March 1, in recognition of National Procurement Month and of the Department of Procurement for earning their second consecutive Achievement of Excellence in Procurement Award, Mayor Danny Avula issued this proclamation officially naming March 2026 as National Procurement Month.  

The Achievement of Excellence in Procurement Award, issued by the National Procurement Institute, recognizes organizations which demonstrate a commitment to innovation, professionalism, productivity, and leadership in the field of procurement. This City has received this award for two consecutive years. 

Last Fall, the Virginia Association of Governmental Procurement also awarded the City of Richmond with its Leading Light Award, recognizing the department as a statewide leader in procurement. 

DPU Retains Aa1 Bond Rating  

In late 2025, the Department of Public Utilities was reaffirmed by Moody’s with an Aa1 Bond rating, signaling strong fiscal health and creditworthiness for potential investors. The rating, which is one step below the top spot, paints a stable outlook for the utility system and allows borrowing at more favorable rates, producing cost savings which could reach into the millions.  

The bond rating is an important milestone for DPU as they look towards infrastructure improvements aimed at affordably improving service delivery across the City.  

The announcement builds on momentum from last month’s Finance and Economic Development committee meeting , in which Chief Administrative Officer Odie Donald II  championed key milestones achieved in fiscal management, long-range planning, and budget execution. Those milestones include, in part; the issuance of accurate and timely real estate tax billing , enhancements to the RVAPay portal , and the hiring of new staff and leadership to ensure top tier service delivery and oversight. 

“Good government starts and ends with sound fiscal policy and administration and Richmond, we are working on all fronts to deliver just that,” said CAO Donald . “While there is still work to do, announcements like this are evidence that we are advancing the priorities of Richmonders, day-in and day-out. This is the beginning with more good news to follow.”