Henrico highlights growth, record reserves and AAA ratings in 2025 State of the County Address

HENRICO COUNTY, Va. (WRIC) -- Henrico County officials highlighted the county's achievements, outlined future priorities and initiatives to support both tourism and small businesses during the 2025 State of the County Address on Thursday.

On Thursday, Nov. 20, county leaders held the 2025 State of the County Address, which began with honoring seven companies that have operated in Henrico for over 50 years. Officials further detailed the county's economic growth over the past year, specifically noting more than 1,400 new jobs and $8.1 billion in investment.

County manager John Vithoulkas described the last year as an “unprecedented year” of progress, emphasizing that said progress could be seen across county departments.

In addition, the county has become the third county in the U.S. with a quadruple AAA rating on general obligation bonds and has earned a quadruple AAA for its public utility system.

"These projects and many, many more are all possible due to the county's commitment to getting to 'yes' and in providing the infrastructure that supports our community," Vithoulkas said -- an idea that supports the county's culture.

The county emphasized its tourism and sports impact, including $2 billion in visitor spending, record hotel revenue and occupancy and new tournaments at the Sports & Events Center.

The county highlighted initiatives such as the Global Business Gateway and Henrico Tomorrow -- the latter of which began in January -- which support office-upgrade spaces.

Through October, the programs have leveraged $4.4 million in total grant funds to renovate more than 1 million square feet of dated office space and create 640 new jobs.

The county Board of Supervisors also approved tax relief measures, including reducing the real estate tax rate to $0.83 and the personal property tax to $3.35. The county also eliminated BPOL taxes for thousands of small businesses.

During the address, Brandon Hinton, the deputy county manager for administration, detailed the county’s low debt levels and conservative budgeting spending. The practices allowed Henrico to build nearly $500 million in emergency reserves -- a reported record high.

While still expanding services, Henrico's staffing levels per thousand residents remain the same as they were in 1988. Hinton said the county maintains the lowest debt tolerance among peers.