$96.7M budget proposed for IWPublished 9:57am Friday, May 10, 2013
BY STEPHEN H. COWLES/CONTRIBUTING WRITER
ISLE OF WIGHT—So far, a real estate tax rate increase ranging from 6.5 cents to 8 cents is being considered by the Isle of Wight County Board of Supervisors in order to pay for a proposed $96.7 million budget next fiscal year.
This was decided at the end of a budget work session Monday in order to advertise it for a public hearing. The hearing is scheduled for 7 p.m. Thursday, May 16, in the county courthouse. A decision could be made Thursday, May 23.
In addition to possibly raising the tax rate, which is currently 65 cents per $100 valuation, there is also the issue of a proposed stormwater utility fee of $72. A $10 increase on the motor vehicle tax is also suggested. The amount is already $20 for cars and $18 for motorcycles.
For the past several weeks, the supervisors have been working on the budget. They’ve been listening to all the departments explain their budgets, including the five percent cuts demanded earlier this year. Requests for increased funding have also been heard.
The board wanted to wait another week to propose a number. But in order to do refinancing and other monetary issues, Budget and Finance Director Michael Terry said the staff needs a figure by the first week of June.
Still, the board decided to add another work session for 10 a.m. Monday, May 13.