On Monday, May 15, 2017, the Albemarle County Board of Supervisors’ conducted a public hearing on the Calendar Year 17 Tax Rate. Formal approval of the tax rate and adoption of the FY 18 budget followed that public hearing.
The adopted Fiscal Year 2018 combined capital and operating budget totals $397,897,173 and is balanced with a tax rate of $0.839 per $100 of assessed value. This budget reflects the impacts of a strengthening local economy and the positive effects of significant transformation and efficiencies realized by County government. This budget also acknowledges continued economic uncertainty at the state, national, and international levels by implementing responsible strategies that help buffer the County from potential economic turbulence.
The adopted FY 18 budget meets all the County’s obligations and mandates, including funding the School Division according to established funding guidance. It supports the Two Year Fiscal Plan goal areas of Board approved strategic priorities, transformation, and quality organization. The budget is forward looking and positions the County to pursue opportunities for partnership and leverage outside funding. It invests revenues that are stronger than originally projected into the Capital Improvement Program (CIP) and into direct actions that implement community improvements.
For more information on the FY 18 budget and all corresponding materials, visit www.albemarle.org/budget.