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Three
cent tax
increase
proposed
*
By Gerald Ochs {
Rappahannock News Writer
Draft 1 of the Fiscal Year 2003 County budget would require a three cent real estate tax increase—to 92 cents per hundred dollars of assessed valuation—if it stands up to Board of Supervisors review, a public hearing* and a dynamic fiscal environment. J
According to County^ Administrator John McCarthy’s bud-r get cover letter, the draft budget fullj* funds the School Board’s request more than $8.9 million, $5,729,972 which would be drawn from County^ coffers. The budget would also rely4 upon nearly one quarter of a millions dollars from the general fund surplus to balance expenditures and revenue, and would retain salaries at current levels. -’
Total estimated revenues for tjje^ year are $14,503,260, up 3.3 percenj from last year, and the local revenue component is $8,169,800, down sm£tenths of a percent from FY2002. £)f that local revenue componefij $5,700,000 is projected from rqa3i property taxes, and that figure ik $245,000, or nearly 4.5 percent, higher than last year.
On the expenditure side, $14,738,156 is projected for FY2003, a reduction of nearly $110,000 from that budgeted last year* and a true reflection of the recent economic difficulties.
The public will have an opportunity to comment on the School Board’s proposed budget at the Board of Supervisors school budget hearing on April 29, and on the overall County budget, most likely at the Board of Supervisors June meeting.
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