Mayor, City Officials Complete Successful Visits with Credit Rating Agencies

Mayor Levar M. Stoney, Chief Administrative Officer Selena Cuffee-Glenn, city finance officials and representatives of Davenport & Company, the city’s financial advisors, completed successful visits with Moody’s Investors Service, Fitch Ratings and Standard & Poor’s last week in New York.

The delegation presented the city’s improved financial position and extensive growth in economic development, with the mayor highlighting accomplishments in a number of key focus areas in advance of a new debt issuance planned for this summer to support capital project spending and economic development initiatives.

Some key initiatives that were well received by the rating agency analysts included:

• Early completion of the FY2017 Comprehensive Annual Financial Report, which allowed the city to save over $13 million in a debt refunding
• The successful 2017 tax amnesty program
• Investment of $150 million in new school facilities
• Poverty reduction efforts such as increased state grant funds for community wealth building
• Expansion of the Affordable Housing Trust Fund and creation of a separate department dedicated to housing
• Implementation of the Bus Rapid Transit (BRT) system.

The mayor also highlighted the city’s strengthened debt management, fund balance and reserve policies consistent with best practices of highly rated local governments.

The city’s presentation also cited positive demographic trends, such as Richmond’s population growth, reduction in the unemployment rate to 3.7% for April 2018 and expansion of the city’s tax base. The mayor highlighted the breadth of economic growth across the city and in all industrial sectors, with over $1.3 billion in investment announced or underway since January 2017.

Above and beyond these recent successes, city officials discussed the continued potential for neighborhood transformation and significant investment in the city’s downtown, as official negotiations commence with the North of Broad Redevelopment respondent to the city’s issued request for proposals (RFP).

“Thanks to sound fiscal management, disciplined and targeted funding priorities addressing our needs and increased investment, our financial position is strong,” said Mayor Stoney. “We look forward to building on this success in the coming fiscal year and leveraging this strength into opportunities to grow our city for the benefit of all of its residents.”

Mayor Stoney Appoints Senior Policy Advisor for Youth Initiatives

Mayor Levar M. Stoney is pleased to announce Eva Colen is joining the administration as a Senior Policy Advisor for Youth Initiatives.

A Norfolk native who currently lives in east Richmond, Colen will be responsible for advancing the mayor’s policies and priorities to benefit the “whole” child by collaborating with Richmond Public Schools through the Education Compact and overseeing the Mayor’s focus on out-of-school time opportunities.

“Eva is a difference maker and a great fit for our team,” said Mayor Stoney. “Her can-do work ethic, experience and innovative thinking on the challenges we face will make things happen for the young people in our city.”

A former school teacher and education equity advocate, Colen said that she is looking forward to leveraging her experience in education to align City services with Richmond Public Schools and external partners around shared goals for Richmond’s youth.

“We will pursue all available opportunities to secure the resources to offer our kids what they deserve,” Colen said. “I’m especially thrilled for the opportunity to work with Mayor Stoney, who has shown a clear commitment to working collaboratively to expand opportunity and improve outcomes for our City’s kids.”

Colen’s position is being funded as part of an 18-month pilot program with The Community Foundation, which has served the Greater Richmond region for nearly 50 years.

“The Foundation is grateful that Eva Colen has accepted the position and will be the first to serve in this role and will be a pace-setter for results,” said Scott Blackwell, Chief Community Engagement Officer for the Foundation. “Eva’s experience with policy and advocacy work, as well as her ability to make things happen on the ground will serve the city well.”

Eva has called Richmond home since 2010. Her first job out of college was as a high school English teacher in Philadelphia through Teach For America, an experience which cemented her conviction that all children, no matter their background, possess extraordinary potential. 

After the classroom, Eva spent time recruiting teachers to high-poverty public school districts, advocating for education policy in the General Assembly and engaging her community in conversations about educational equity. Most recently, Eva founded and led Virginia Excels, a nonprofit advocacy organization dedicated to advancing policies and programs that are good for kids, families and their communities.

Eva lives in Church Hill with her husband, Derek Salerno, their nine-week-old son, Abram, a RACC rescue pup and three cats. She holds a bachelor’s degree from Columbia University and a master’s in Urban Education from the University of Pennsylvania. She is an alumna of ChamberRVA’s RVA Leadership Lab, 50CAN’s Education Advocacy Fellowship, Leadership for Educational Equity’s Public Leaders Fellowship and New Venture Fellowship, YWCA Richmond’s Young Women’s Leadership Alliance and Leadership Metro Richmond’s Leadership Quest Class of 2017.

Mayor to Host Community Office Hours in All Nine City Districts

Mayor Levar M. Stoney will be hosting community office hours in June and July, continuing his commitment to meet with citizens in each of the city’s nine districts, in their districts, and face-to-face. The Community Office Hours provide an opportunity for hundreds of Richmond residents to meet with the mayor, make suggestions and share their ideas and concerns.