VML Voice

It’s hurricane season Virginia! The VML Voice chats with Erin Sutton from the Virginia Department of Emergency Management. Listen to find out what localities can do to be ready and what resources VDEM can provide to help. We also discuss unique challenges that persist due to COVID and find out what VDEM is doing to ensure equitable disaster response and recovery. Finally, Erin participates in our Hurricane Quiz Game and we find out if “Herma, Herma, Hurricane” is a real song.

It’s hurricane season Virginia! The VML Voice chats with Erin Sutton from the Virginia Department of Emergency Management. Listen to find out what localities can do to be ready and what resources VDEM can provide to help. We also discuss unique challenges that persist due to COVID and find out what VDEM is doing to ensure equitable disaster response and recovery. Finally, Erin participates in our Hurricane Quiz Game and we find out if “Herma, Herma, Hurricane” is a real song.

In part 1, we explored how Petersburg nearly went off the rails when it faced financial ruin just a few short years ago. In part 2 we spend some more time with Mayor Samuel Parham, City Manager Aretha Ferrell Benavides, Deputy City Manager Lionel Lyons and Economic Development Manager Clay Hamner as they discuss some recent good news and their hopes for the future of the city that is now back on track. VML’s financial policy analyst Neal Menkes makes a special appearance to help us set the record straight on the state’s role in saving the city back in 2016. We also check in with Bill Hartsock, a member of the Historic Petersburg Foundation and real estate agent to discuss the city’s unique and flourishing real estate market.

In the fall of 2016, the City of Petersburg was on the precipice of a major financial crisis. Two weeks ahead of a million-dollar payroll, the City held only $75,000 in funds. Tax collections were below 60%, water utility rates were below competitive market rates, and the Treasurer’s office was under scrutiny by the FBI. The city had a six-million dollar deficit and a Standard and Poor’s bond rating of BBB-.

By the summer of 2020, the city had increased its fund balance to $8 million and was operating at a $4 million per year positive cash flow. Davenport and Company, the city’s financial advisor, called the turnaround “as great as any we have witnessed in 40 years.”

How did it happen? The VML Voice talks to several of the local officials and staff who played a part. In Part 1, we talk about the dark days of the crises and the herculean effort needed to save the city. Part 2 (coming soon) will look at some recent good news for the city, hopes for the future, and its unique and flourishing real estate market.