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...
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