City government · Madison County, KY

Richmond's money: where it comes from and where it goes

In the latest recorded fiscal year (ended June 30, 2024), Richmond took in $83.9 million and spent $77.4 million.

Latest recorded year: ended June 30, 2024Comes fromGoes to

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Where it comes from

City taxes46%Fees for services (sewer, water)36%Federal tax money8.0%Fines and other6.5%State tax money3.0%County and local tax money<0.1%

What stands out

24%

of Richmond's money comes from a personal income tax.Most U.S. cities of 10,000 to 50,000 people get none.

City taxes46%

Individual income tax
24%$19.8 million
Other taxes
10%$8.5 million
What's in other taxesInsurance premium taxes; public utility taxes and 3 more
  • Insurance premium taxes$5.8 million
  • Public utility taxes$1.8 million
  • Other licenses$818 thousand
  • Alcoholic beverage licenses$84 thousand
  • Occupation and business licenses$49 thousand

Amounts are by Census tax category.

Business income tax
6.6%$5.6 million
Property tax
5.8%$4.9 million

Fees for services36%

Fees for services
36%$30.4 million
What's in fees for servicesSewer; water and 6 more
  • Sewer$12.3 million
  • Water$9.2 million
  • Gas$3.0 million
  • Other service charges$2.5 million
  • Parks and recreation$2.1 million
  • Housing$1.1 million
  • Garbage collection$118 thousand
  • Parking$35 thousand

Amounts are by Census type of charge.

Federal tax money8.0%

Grants from Washington, paid for by the federal taxes residents also pay.

From the federal government
8.0%$6.7 million

State tax money3.0%

Money the state passes on, paid for by the state taxes residents also pay.

From the state
3.0%$2.6 million

County and local tax money<0.1%

Money passed on by the county or other local governments.

From the county and other local governments
<0.1%$50 thousand

Fines and other6.5%

Interest, rents and other
6.2%$5.2 million
Fines
0.3%$213 thousand

Where it goes

Parks, recreation and libraries24%Water, sewer, trash and utilities23%Police, fire, courts and jails23%Running the government and other costs13%Housing and community development12%All other spending5.1%

What stands out

12%

of Richmond's spending goes to housing and community development.Most U.S. cities of 10,000 to 50,000 people spend nothing on this.

Spending by category100%

Parks, recreation and libraries
24%$18.7 million
What's in parks, recreation and librariesParks and recreation
  • Parks and recreation$18.7 million
Water, sewer, trash and utilities
23%$18.2 million
What's in water, sewer, trash and utilitiesWater supply; sewer systems and 2 more
  • Water supply$7.1 million
  • Sewer systems$6.8 million
  • Gas supply$3.5 million
  • Garbage and solid waste$778 thousand
Police, fire, courts and jails
23%$17.4 million
What's in police, fire, courts and jailsPolice; fire protection and 1 more
  • Police$10.2 million
  • Fire protection$5.7 million
  • Inspections and regulation$1.6 million
Running the government and other costs
13%$9.7 million
What's in running the government and other costsCentral staff services (personnel, purchasing, technology) and other and not broken out
  • Central staff services (personnel, purchasing, technology)$8.2 million
  • Other and not broken out$1.5 million
Housing and community development
12%$9.4 million
Roads, transit and parking
3.9%$3.0 million
What's in roads, transit and parkingRoads and highways and public transit
  • Roads and highways$3.0 million
  • Public transit$80 thousand
Interest on debt
1.1%$879 thousand
What's in interest on debtInterest on general debt; interest on water supply debt and 2 more
  • Interest on general debt$246 thousand
  • Interest on water supply debt$211 thousand
  • Interest on electric power debt$211 thousand
  • Interest on gas supply debt$211 thousand
Sent to other local governments
<0.1%$47 thousand
What's in sent to other local governmentsSent to local governments: other and not broken out
  • Sent to local governments: other and not broken out$47 thousand
Sources and moreWhere these numbers come from and what they cover

City of Richmond. U.S. Census Bureau, 2024 Annual Survey of State and Local Government Finances, individual unit file, fiscal year ended June 30, 2024.

What this covers. The money of City of Richmond itself. Other governments that serve the same area (the city, county, school district and state) are separate and not included. Borrowing, transfers between a government's own funds, and pension trust funds are not counted as revenue.