Question 1

Where does municipal finance data come from?

Accepted Answer

Municipal finance data comes from the Virginia Auditor of Public Accounts (APA) Comparative Report. All Virginia localities (counties, cities, and reporting towns) are required to file annual financial reports under Code of VA 15.2-2510.

Question 2

What are the main revenue sources for a municipality?

Accepted Answer

Most Virginia localities rely on real property taxes, personal property taxes, local sales tax distributions, state shared revenues (BPOL/business license tax, meals tax, lodging tax), charges for services, and intergovernmental transfers. Independent cities set their own tax rates independently of counties.

Question 3

What is a General Fund and why does it matter?

Accepted Answer

The General Fund is the municipality's primary operating fund. It covers core services like police, fire, public works, and administration. A healthy General Fund balance (typically 25-50% of annual expenditures) indicates the town can handle unexpected expenses without raising taxes or cutting services.

Question 4

How current is this financial data?

Accepted Answer

VA APA Comparative Report data is published by February 15 for the prior fiscal year (ending June 30). The most recent year with complete data is usually one to two fiscal years prior.

Richmond, VA

Richmond Municipal Budget

Finances — FY 2024