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(Continued from Page 1) that some state mandates “do cause difficulty for some localities,” and that the “principal complaint about mandates is lack of adequate state funding."
The one area where state aid has not kept pace with the cost of local programs is in education funding, the report said.
The report found that most local governments have been experiencing "fiscal stress,” which is measured by factors such as ability to raise revenue, the level of tax effort, and to what degree localities have had to reduce services or cut personnel to make ends meet.
JLARC cited two recent national economic recessions, which caused increased unemployment and
Purchase
Approval
Farmers and Merchants National Bank has received approval from the Comptroller of the Currency’s office to purchase the Winchester Branch of Bank of Virginia.
Robert W. Lake, a Senior Vice President of F & M, will be in charge of this office when the transaction has been completed. It is anticipated this will occur within 60 days.
Farmers and Merchants is the principal subsidiary of F & M National Corporation.
70.9%