Thousands of City Hall retirees will receive a one-time 5 percent bonus.

And the city is setting up a fund to buy property for development.

Both items are included in the $18.2 million in adjustments Mayor Levar M. Stoney’s administration has proposed for the 2022-23 fiscal year that will end June 30 and that City Council has put on its consent agenda for quick approval at the Monday, June 26 meeting.

Pegged to cost about $3.5 million, the bonus will benefit those who have been retired for at least one year and will be paid in the new 2023-24 fiscal year that will begin July 1, the ordinance states.

The payment would average about $831 for the approximately 4,200 eligible retirees, though the specific payment to any individual could be larger or smaller depending on the pension.

Lincoln Saunders, the city’s chief administrative officer, promised 7th District Councilwoman Cynthia I. Newbille during budget discussions in April that sufficient funds would be found to cover the cost.

The bonus is a one-time payment to avoid impacting revenues of the Richmond Retirement System by turning it into a continuing cost, like a cost-of-living increase.

Retirees in the Richmond system have received only one small cost of living adjustment (COLA) increase in the past decade, and the city’s retirement system said that any future COLA’s would depend on the fund reaching 80 percent funding.

The retirement system completed the 2022 calendar year with funding 64.5 percent of the city’s full pension liability of more than $900 million, a rollback from 2021 when the city’s pension liability was 71 percent funded.

The adjustment plan also includes creation of a $1.75 million reserve, with the money used buy land primarily for major developments, according to the explanatory information included with the ordinance.

A first for the city, the plan is to buy and then resell the property, with the proceeds credited to a special fund that could be used over and over again for that purpose, the information states.

The ordinance also provides for the city to set aside nearly $1.8 million to cover potential unfunded liabilities, most notably the cost of health care for retirees too young to quality for Medicare, which Council Vice President Kristen M. Nye, 4th District, pushed for.

The rest of the money is going to fund various increased expenses for 15 of the 45 departments and entities that are funded through the city’s general fund.

For example, the Fire Department is to receive $2.9 million to cover the extra overtime paid to firefighters to ensure proper staffing of stations and trucks, while the Office of Elections is to gain $1 million to recoup the costs of holding the two special elections that resulted from the late Congressman A. Donald McEachin’s death last November. The Department of Parks and Recreation is to gain $1.8 million to handle various increases in expenses that came up this year.

One surprise, the administration is not proposing any new investment in the city Department of Social Services, despite state findings that the short-handed staff’s ability to process applications for food stamps, Medicaid and other benefit programs is well below the standards the state has set.

Another surprise, two other short-handed public safety departments, Police and the Sheriff’s Department, apparently already have sufficient funding to cover their overtime costs. Neither is receiving any additional funds.