RICHMOND, Va. (WRIC) -- Richmond has approved a $3.4 billion budget for the upcoming fiscal year. During its meeting on Monday, May 11, the Richmond City Council voted to approve the proposed 2026-27 fiscal year budget and several related amendments, deciding how the River City will spend $3.4 bil lion in funding from July 1 through June 30, 2027. Leaders celebrated the budget's passage Monday night, describing it as "balanced." It includes funding for a variety of key initiatives, from pay raises for city staff to affordable housing development. “The approved budget reflects not just shared investments, but a new way of working together — with earlier collaboration, clearer public engagement and a real commitment to partnership between City Council, our administration and the people of Richmond," said Mayor Danny Avula in a statement." Together, we made historic investments in affordable housing, funded Richmond Public Schools at record levels, supported our workforce and focused our resources on building a thriving Richmond. I'm truly grateful to all who leaned in throughout this process. Now the real work begins: delivering on these investments thoughtfully, effectively and with accountability to the people we serve.” However, what the budget does not include is enough funding to ensure that Richmond Virtual Academy remains open. This virtual learning option for students of Richmond Public Schools (RPS) was put on the chopping block as city leaders struggled to fund all of the school division's needed expenses. PREVIOUS: ‘Please, please, please give the money,' Richmond school advocates push for more funding for 2026-27 Though the 2026-27 budget includes the largest investment in RPS in the city's history, it's still not enough to keep Richmond Virtual Academy running. Many people came out Monday to advocate for the inclusion of Richmond Virtual Academy in the budget. While several city councilmembers expressed that they had wanted to fund the online school, "the money was not there," per councilwoman Kenya Gibson. "I'm glad to see the Mayor and his staff here who collaborated with our staff in advance, which allowed us to get to this place where many of our priorities have been addressed … but clearly not all of them," said council president Cynthia Newbille. "I want to be clear: Not all of them. But we will continue to work." ...read more read less