Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, April 6, 1995 TAG: 9504060063
SECTION: VIRGINIA PAGE: C-4 EDITION: NEW RIVER VALLEY
SOURCE: TODD JACKSON STAFF WRITER
DATELINE: ROCKY MOUNT LENGTH: Medium
The board, on a unanimous vote, approved an advertised budget of $51.8 million for 1995-96 - a $6.8 million increase from 1994-95.
The board had several issues to consider in debating next year's budget, including a recent reassessment that showed an average 25 percent increase in property values and an additional $1.2 million in revenues tied to residential and industrial growth.
Blackwater District Supervisor Wayne Angell said calculations made by the county staff showed that, because of the reassessment, the real estate tax rate could be reduced from 60 cents per $100 of assessed value to about 50 cents and generate the same amount of revenue.
The supervisors decided to advertise a rate of 55 cents.
A $50,000 home that was reassessed and increased in value 25 percent would be worth $62,500 now. At the proposed 55-cent rate, the owner would pay $343.75 in taxes. At the old rate of 60 cents - and the old $50,000 assessment - the owner paid $300.
Angell said that 31/2 cents of the proposed tax rate, or $672,000, would pay the debt service on capital improvement projects tied to a bond issue approved by voters in a November referendum.
Bond projects include renovations and additions to several county elementary schools as well as a new technology center to be used by eighth- and ninth-graders.
The supervisors met the county School Board more than halfway on its request for new money.
The School Board, in its budget pitch to the supervisors, asked for an additional $941,582.
Angell said the proposed budget approved Tuesday would give the schools about $540,000 in additional local funds.
School Superintendent Len Gereau said the new money would be spent on debt service on bonds for school projects; more teachers and buses because of a jump in enrollment; a salary increase for all employee groups; and technology upgrades.
Education accounts for two-thirds of the total proposed budget.
A public hearing on the budget will be held April 18 at 6 p.m. in the supervisors' board room of the County Courthouse.
The board has set a meeting for April 27 at 4 p.m. to consider final adoption.
According to state law, the board can only reduce, and not increase, the advertised tax rate.
by CNB