Budget FAQs

Who takes part in the city's annual budget process?

What is the city's fiscal year?

What is the annual budget cycle timeline?

What opportunities do residents have to provide input on the budget?

What if the budget needs to be changed after it is fully approved?

What are the city's main sources of revenue?

Of the property taxes collected each year, how much does the City of Richfield receive?

What are the city's biggest expenditures?

Beyond the basic revenues and expenditures, what else factors into the city's budget?

How does the city control spending or save money?

Does the budgeting process ever really end?

How does Richfield's proposed 5.5% tax levy increase for 2021 compare to other peer communities?

Does the City of Richfield ever get audited?

Does the city have a reserve fund?

How is Richfield using its $2.7M in Coronavirus Aid, Relief and Economic Security Act (CARES) funding from the federal government?