HEATHSVILLE—With a June 30 deadline fast approaching, county administrator Luttrell Tadlock on Monday, May 8, presented supervisors a draft of next year’s county budget totaling $51,495,779, an increase of $5,644,981 (12.3%) over the current budget.
According to Tadlock the budget was built with a real estate tax rate of $0.68 per $100 of assessed value, up from the current $0.61. Even with $3,429,599 in increased real estate tax revenue and an overall tax increase of $5,644,981, expenditures still exceed revenues by $2,857,329, which would cause the county to “dip into the undesignated fund balance,” he said.
Tadlock added that the projected undesignated fund balance would be $6,642,671, somewhat below the range of $7,000,000 to $7,500,000 which is desired since “otherwise we have to start looking at borrowing money.”
In addition to a school budget local funding increase of $2,343,082, Tadlock said the other major increases stem from….
