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By SHARON KILPATRICK
Rappahannock Newa Staff Writer
The budget the Board of Supervisors will advertise for public hearing in June would add about $262,000 to the county surplus.
The surplus currently is a little over $1 million. At $1.3 million it would be about 18 percent of the county’s $7.2 million budget.
In 1989, when the tax rate on real estate was raised from 52 to 75 cents per hundred, 10 cents of the tax increase was to build up the surplus, which had been depleted by the expenses of the landfill.
Accountant Wally Cox, who prepares the county budget and whose firm audits the county accounts, advised the supervisors at that time that they needed to keep a surplus of about 5 percent.
When the surplus was below 5 percent the county had to borrow money to meet expenses between July, when the fiscal year starts, and October and November, when the bulk of the real estate taxes are paid.
For the current budget the tax rate was set at 77 cents. This budget was very nearly balanced and is not
93.1%