Richmond Council Approves Public Process for Chevron Settlement Funds Amid Operating Deficit

The Richmond City Council voted to move forward with a public process for spending the $550 million settlement funds from Chevron, after city officials disclosed that Richmond's day-to-day operations ran $9.8 million in the red this year.

Finance Director Emily Combs told the council that Richmond's core, day-to-day operations ran $9.8 million in the red this fiscal year, citing a projected deficit in future years.

The city is reporting a $40.2 million surplus, but that figure includes $50 million in one-time settlement money that went into the General Fund this year, and a separate $3.44 million shortfall being covered with interest earnings, not the settlement principal.