by Madison White Franks
HEATHSVILLE—During a work session on June 15, the Northumberland board of supervisors adopted the county’s fiscal year 2017-18 budget, 4-1. Effective July 1, the budget is $38,899,007 which reflects a $0.02 increase in the current real estate rate.
The real estate tax rate will now be $0.56 cents per $100 of assessed value. Other tax rates to support the 2017-18 budget will include personal property, $3.60 at 40% of assessed value; machinery and tools, $3.60 at a 25% assessment ratio of original cost the first year and $3.60 at a 10% original cost the second year; and merchants capital, $1 at 50% of assessed value of original cost.
Projected revenues total $38,899,007, an increase from $36,708,417 in the current year. The beginning fund balance is listed at $6,300,000, an increase from $5,145,748.
Projected revenue sources include $19,090,376 in property taxes based on the new tax rate, an increase from $18,383,251; $3,052,563 in other local sources, an increase from $2,915,527; and $10,556,068 in state and federal sources, an increase from $10,263,891.
Read the rest of this story in this week’s Rappahannock Record at newsstands throughout the area, or sign up HERE to receive the print edition by mail and/or the e-Edition on your computer, tablet and smart phone.