Albemarle County officials said Tuesday that they are expecting local revenues to exceed the amount projected in the proposed FY21 budget by more than $1.6 million.
At a budget work session on Tuesday, staff told the Board of Supervisors that local revenue will surpass their original projection by as much as $1,624,959. County staff said the increase is thanks mostly to revised expectations for revenue from personal property taxes.
The FY21 budget presented by County Executive Jeff Richardson last month projected about $282 million in local revenues, most of which would come from general property taxes. County officials started providing revenue updates as part of the budget development process two years ago.
Based on the county’s funding formula, approximately $857,000 of the increase will go to the school division, $572,667 will go towards the general fund and $195,000 will go towards capital projects.
In Richardson’s February budget proposal, the county expected a $400,000 loan from the schools to help increase the county’s minimum wage to $15 an hour. With the new expected revenue, however, Richardson said that the loan is no longer necessary.
With income from interest and a transfer from the tourism fund factored in, county staff estimated that there would be about $366,510 in additional revenue for use by the general government.
Staff proposed to add two police officers, two positions in the finance department, add funding to the Department of Social Services’ emergency utility program and to keep money aside for potential state budget opportunities with DSS.
Richardson said the county was also anticipating an increase of $454,168 in Community Development Department fees. County staff proposed to use that money to add an engineer inspector position that will focus on water quality and reserve about $356,000 to support the department’s work program. The board will hear about the work program at its regular meeting on Wednesday.
The board will hold a public hearing on the proposed budget on Wednesday after 6 p.m.
On Thursday, the board is scheduled to approve a proposed budget during a work session.