A $3 million accounting error tied to a major redevelopment project has created a hole for Richmond Mayor Levar Stoney’s administration to plug in the city’s general fund budget, according to a new snapshot of spending and revenues released earlier this month. The mistake, in effect, sent the new Richmond Department of Housing and Community Development $2.9 million into the red — more than twice what city leaders set aside for it during the fiscal year that began in July and runs through June 30. The overrun stems from the ongoing redevelopment of Creighton Court.
The Stoney administration is working to offset this deficit by introducing a general fund budget amendment this spring 2019. Richmond City Council will need to approve it.