Direct staff to finalize request for analysis of city budget without oil industry revenue

Chevron & the RefineryBudgetMayor's Office

In Plain English

Richmond relies heavily on petroleum industry taxes and related business revenue to fund city services. The Chevron tax settlement alone provides $4 million annually but expires in 2025. If approved, the city hires consultants to study how much total oil revenue the city receives and develop backup funding strategies as the industry declines.

Auto-generated summary. Source: official agenda documents.

Votes

To direct the Mayor's Office staff to work with the City Attorney's Office to finalize the Request for Proposal (RFP) with a scope of work that includes: (a) to complete a Long-Term Financial Analysis of the city's budget considering the three scenarios presented regarding the petroleum industry; (b) to propose revenue-generating measures that can be deployed in the near term in order to shore up the city's finances in anticipation of any budget shortfall; and direct staff to move the RFP with the following calendar, beginning of December contract with the consultant and bring the analysis to the City Council in April of 2024

Moved by: Councilmember JimenezSeconded by: Vice Mayor McLaughlin

Passed

7 to 0

Soheila BanaAye

Claudia JimenezAye

Doria RobinsonAye

Melvin WillisAye

Cesar ZepedaAye

Gayle McLaughlinAye

Eduardo MartinezAye