Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, April 22, 1993 TAG: 9304220421
SECTION: NEIGHBORS PAGE: E-2 EDITION: METRO
SOURCE: NANCY BELL
DATELINE: LENGTH: Medium
During their first budget work session Tuesday, council members began paring down the town's 1993-94 revenue projections to reflect decreases in admissions and other taxes that no longer will be collected from the LancerLot. Most of the sports complex collapsed under heavy snow in March.
It is unknown exactly how much the loss of the Vinton's largest recreational facility will affect town revenues, but admissions taxes alone are expected to decrease by 90 percent.
Vinton collects more than $10,000 annually in admission taxes from the LancerLot. Admission taxes are now projected to be around $1,000, mostly generated by the municipal pool, according to Joan Furbish, town finance director and treasurer.
While the decrease in admissions tax is substantial, Furbish said admissions taxes represent a small portion of Vinton's total annual budget of $5.5 million.
"This particular line item is not a major revenue source," she said. The LancerLot's contributions to food and sale taxes, however, "are impacted less than the admissions tax category of the budget," Furbish said.
In its preliminary form, Vinton's budget also reflects increased legal fees during 1993-94 to cover litigation involving several companies associated with the manufacture of the fire department's defective ladder truck. The proposed budget also contains funds for replacing the truck, which has been out of service for more than two years.
Citizens will be given the opportunity to examine the proposed 1993-94 budget in its final form prior to its adoption in May.
by CNB