In what officials say would be a financially responsible move, the city may use a portion of a $550 million payout from Chevron to settle some of its unfunded pension liabilities.
An annual $50 million payment from the Chevron Richmond Refinery will flow into Richmond’s general fund for the next 10 years as part of a settlement agreement that led to the city pulling a measure off the November 2024 ballot that would have heavily taxed Chevron’s oil-refining operation.
The city and Chevron entered into the agreement after the measure faced legal challenges over its ballot language. Had it been approved, it would have provided the city an estimated $60 million to $90 million of additional tax revenue annually to help fund a variety of improvements and a clean-up plan in the event the refinery shuts down.
