In preparing the presentation of a new budget for the City of Richmond to the city’s Board of Commissioners, City Manager Rob Minerich reflected upon the year that is drawing to a close. The following is an excerpt from his comments to the Board of Commissioners prior to presentation of the budget.
Fiscal year 2026 was a year of progress, momentum, and investment across the City of Richmond. I want to thank the Mayor and Commissioners for their leadership and for their vision to invest in numerous projects during this busy year.
City Projects in FY26
A new state-of-the-art fire training center is now open. This facility will enhance the training of our firefighters and provide joint training efforts with other departments in our region. The Fire Department has also received a $350K rescue truck that will help decrease trips of our larger rescue trucks and help increase longevity of these vehicles.
The Gibson Bay Golf Course irrigation system installed with the course’s opening in 1993 had become antiquated and inefficient with water usage. The new system has a fifty-year life span and includes a new pump system, all new piping and sprinkler heads, and a virtual system that allows irrigation management and leak detection from a desktop computer or handheld device.
As the Richmond Regional Sports Complex nears its scheduled opening in November, the city is receiving inquiries about hosting regional soccer tournaments. Meetings were held with the Lexington Sporting Club and Visit-Lex to look at a partnership to host two large regional soccer tournaments in 2028. Planning is underway for regional mountain bike races and disc golf, tennis, and pickleball tournaments. This sports complex will not only enhance the quality of life for Richmon’s citizens but will also be an economic driver for our community.
Historic Properties Projects
White Hall Historic Stie is now under ownership of the city and, after replacing windows, reinstalling gutters and an extensive grounds clean-up, the mansion is now opened to the public. Our partnership with Tourism to market this property is already paying off. Curator Mathew Parrish has reported record visitation since opening to the public on June 3rd.
Renovations to the Battle of Richmond Visitor Center and other historic buildings are nearing completion. The Visitor’s Center is undergoing a complete renovation, and an agricultural outbuilding has also received extensive maintenance. Vital repairs are in progress to the Pleasant View House, Carriage House, and Smoke House. Emma Carmack has been hired as the new curator and is already working closely with the Battle of Richmond Association to plan an opening day ceremony and new special events.
Tourism continues to be a major economic driver in Madison County with an estimated $238.2M dollar local impact that provides 1,866 jobs and $19.6M in local and state taxes. Promotion of White Hall, the Battle of Richmond, Millstone Park and the Squire Boone Rock have already proven successful. Future plans include Irvinton House being opened and curated by the Historical Society as a museum and the Kit Carson Historical site at our new regional sports park. When all these historical sites are open to the public Tourism will be able to market to overnight tour bus groups.
Census Growth and Business Growth
According to census data released in May from the Kentucky State Data Center, Richmond is now the fastest growing city in the Commonwealth with a 15.6% population growth since 2020 and an estimated population of over 40,000. If this pace continues over the next five years, it’s projected Richmond will pass Georgetown’s and Covington’s populations and become the fifth largest city in Kentucky. But people within Richmond don’t really need data points to know there is expansion going on around them.
In the previous fiscal year, he city again experienced significant business growth in retail, restaurant openings, and housing. Richmond Utilities’ continued investment of approximately $80M over the past fifteen years has positioned Richmond with sewer and water infrastructure that supports sustainable industrial, commercial, and residential growth. Over the past year more than 350 acres have been consensually annexed into the city because of this utility investment.
New business openings included Dark Horse Cannabis in Industrial Park II, Home2Suites Hotel, Commonwealth Credit Union, Monticello Bank, Citizens National Bank, a new Central Bank Branch, a second Auto Zone, Caliber Collision, Parlour Pizza, Long Horn Steakhouse and Popeye’s Chicken.
New businesses under construction include New Vista Mental Health, a new Forcht Bank branch, UK Health, Green Leaf Cannabis Dispensary, Bourbon Barrel Beef, Harry’s American Bar & Grill, Chipotle and Long John Silvers.
Future businesses planned but have not started yet are Publix with three retail outparcels, Express Oil Change and Tire Engineers, Mellow Mushroom Pizza, and probably the most exciting for certain locals and EKU Alumni is the reopening of the Family Dog.
Four new residential developments have over 1,650 existing or proposed housing lots. In the past eighteen months permits have been issued for 129 single family homes, 24 duplexes and 495 apartment units.
Industrial Opportunities and Grants
The Richmond Industrial Development Corporation (RIDC), with matching funds from the city, now has two certified build-ready sites in Industrial Park III and recently acquired 189-acres for a new Industrial Park IV. This investment has positioned Richmond as one of the most sought-after locations for new industry. Richmond’s Economic Development Team is currently working twelve different projects that have an interest in the Duncannon Lane corridor and the Bluegrass Army Depot.
Richmond’s Grants and Marketing Specialist Stephanie Nelson will continue to pursue competitive state and federal grant opportunities that will help us leverage funding for future capital needs, economic development and community improvement initiatives. She most recently won a Kentucky Energy and Environment Cabinet grant for our Recycling Department for more than $330,000. This grant will pay 100% for a new conveyor, allow us to purchase an additional brand-new conveyor and baler, four new self-dumping bins and a new tumbler forklift. In Fiscal Year 2027 applications have been started for over $4.3 million in state and federal grants.
Looking Ahead
As we look ahead to FY27, our focus remains on maintaining Richmond’s strong financial position while supporting the city’s continued growth. Despite uncertainty surrounding inflation, interest rates, and construction costs, Richmond enters the new fiscal year with a solid foundation.
As of the close of business on June 15th, the City held approximately $26.6 million in unreserved General Fund assets and a Contingency Reserve Fund of $29.4 million. Several years ago, we established the Contingency Reserve Fund with a goal of maintaining at least fifty percent of annual operating costs. We estimate that percentage to be 52.5% for the coming fiscal year. Revenue growth tied to payroll, net profits, insurance premiums, and franchise fees remain steady, and FY27 projections are set to conservative 4% increase based on historic data and anticipated economic trends.
The Fiscal Year 2027 budget reflects steady growth, cautious optimism, and continued investment in Richmond’s future. Although national economic trends may remain unpredictable, Richmond’s expanding economy, strong reserves, and thoughtful planning place us in a very favorable position. Our focus remains on delivering exceptional services, supporting our employees, and building a vibrant, sustainable community. The investment in quality of life and new industry is attracting people that realize they can “Live, Learn, Work, and Play” right here in Richmond.
