Now PWC suffers from too much revenue. We just can’t win. I have been searching for a positive kudo for Corey since coming on to this blog. Maybe I have finally found it in the Washington Examiner.
Just a few short months ago, Prince William County supervisors were debating solutions to what Board of Supervisors Chairman Corey Stewart described as “probably the toughest budget this board has faced in 25 years É or so.”
This week, they’ll have a different kind of “problem” to deal with — $4.5 million in general revenue funds in excess of budget estimates for the last fiscal year, which ended June 30.
Still, Stewart wasn’t kidding. The board made significant cuts across the board and raised the real property tax rate from $0.97 to $1.212 per $100 of assessed value to address a projected shortfall of nearly $200 million for fiscal 2010. But better-than-projected revenues from real estate taxes, personal property taxes and investment income helped buoy the county over revenue estimates for fiscal 2009.
Budget Director David Tyerar and Finance Director Chris Moreno will both recommend that the excess money to a general finance:
“to maintain an undesignated fund balance of 7.5 percent of general fund revenues — a major factor agencies examine to determine bond ratings. They also recommend that about $155,000 be added to the county’s Revenue Stabilization Reserve.”
Meanwhile, has anyone noticed a reduction in their mortgage because of reduced taxes? Mine hasn’t dropped a penny from last year. I called my mortgage company and notified them. They weren ‘t real excited and nothing has changed. Perhaps this is where the surplus is coming from. No one really got a reduction in taxes.
All kidding aside, (I think) having solid financial underpinnings is a good thing when it comes to bond ratings. We can borrow for less when we need to. How does one go about buying a Prince William County bond? Are they always available or do you have to buy within a certain time period? Inquiring minds want to know.