Understanding the Chevron Settlement
Richmond, CA – Richmond Mayor Eduardo Martinez's statement regarding the Chevron Settlement:
There’s been significant interest and positive feedback regarding the Chevron settlement funds secured in 2024. However, it’s important to clarify that the $550 million is not a lump sum payment. The settlement funds are spread out over 10 years and will go directly to the City’s general fund.
These funds must be allocated through the City’s established annual budget process, which is open to public input and requires a formal vote at City Council meetings.
Budget Process
This budget process is guided by the City’s Overarching Strategic Goals, which include:
- Improving the quantity and quality of housing, particularly low-income housing, and reducing homelessness
- Increasing revenue and advancing economic development
- Addressing social determinants
- Strengthening public safety
- Enhancing the City’s internal infrastructure and processes
- Addressing shoreline issues and promoting ecological sustainability
Goals of the Settlement
These goals reflect the need for elected leaders to prioritize the long-term success of our community over the interests of a few powerful corporate entities. When setting goals and allocating the budget, we must focus on repairing and maintaining our streets, providing essential services, ensuring public safety, supporting small businesses, protecting our environment, and actively attracting responsible businesses that provide well-paying jobs with benefits.
Importantly, the budget process is transparent. Community participation and input are critical parts of the process. We must remember that these settlement funds are not an independent source of funding and must be integrated within the broader budget priorities.
I encourage all Richmond residents to attend the public budget meetings, which will occur in April. I look forward to hearing from people across every neighborhood and from all backgrounds about their needs. I remain fully committed to delivering on the will of the people who call Richmond home and ensuring that our City of Pride and Purpose continues to thrive.
Background:
The City’s Overarching Strategic Goals agenda report is linked here.
March 22, 2024, Press Release: "Richmond Secures $550 Million Settlement With Chevron," linked here.