Richmond treasurer running unopposed for a third term, wants to build on financial literacy initiatives

Nichole Armstead

As voters fill out their primary ballots on June 17, they’ll see a familiar name — Nichole Armstead, a Democrat who is running for city treasurer unopposed and hopes to continue the momentum she’s built over two terms.

Unlike most Virginia cities, Richmond delegates many traditional treasurer responsibilities — like tax collection and budgeting — to its finance department. As a result, Armstead’s role primarily handles transactions managed by state offices, such as sheriff fees and jury duty payments or reimbursements.

While other Virginia treasurers also handle stateside money flow, Richmond's has a unique responsibility: acting as a liaison between the finance department and its constituents.

Since Armstead assumed office in 2018, that role has manifested into partnerships with nonprofits and government programs, such as its collaboration with the Richmond Resilience Initiative to offer financial literacy classes to residents, presenting them with graduation certificates upon completing 10 classes.

She’s also created the Office of Financial Empowerment to help citizens become more fiscally informed. Established in 2019, the office provides financial literacy and information resources to Richmonders through workshops, online courses and its annual Financial Literacy Fair. This year, a record 300 people registered for the fair.

“One thing that I always say is I just want to make this office matter,” Armstead said.

Watching people’s lightbulb moments has been Armstead’s favorite part of the job. People have come into her office unsure of their options, and Armstead said she and her team work to educate Richmonders on how to budget and stretch their dollars, enabling them to pursue opportunities they wouldn’t have otherwise, like buying a home or repairing their credit.

“I think that’s been the biggest reward — just seeing individuals’ lives improved, seeing people become empowered,” she said. “Just being able to take more control over their financial situation.”

Armstead credits her inclination toward helping others to her father, Chuck Richardson, who served on Richmond’s city council for 19 years. She witnessed the work of a civil servant firsthand throughout her childhood, and said this motivated her to run for treasurer.

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Now, as Armstead gears up for the primary, she’s looking to carry that same spirit of collaboration into a third term. If residents or other city departments see gaps they want Armstead’s office to fill, she encourages them to reach out to her office because her ears are open.

“I am tangible, I am accessible and I want to serve our city in a way that’s going to benefit the residents overall,” she said. “It’s not a very loud position, but I do feel like it’s a quiet force that has a huge domino impact.”

To the voters asking why they should check Armstead’s name on the ballot, she kept her answer simple:

“I genuinely care about the people in the city of Richmond,” she said. “I am a Richmond native, born and raised, and I really want to contribute to the growth of our city … and I believe that financial wellness is a major component to us all becoming thriving citizens.”

Contact Reporting Intern Eleanor Shaw at eshaw@richmonder.org. This article was updated to include a link to the Richmond Resilience Initiative.