FY 2015 Marked-Up Budget Includes Additional School Funding and Half-Cent Tax Rate Increase
April 22, 2014
The Fairfax County Board of Supervisors marked-up changes to the proposed budget for Fiscal Year (FY) 2015. The marked-up budget includes a 3 percent increase in funding to FCPS through a half-cent increase in the Real Estate Tax Rate and approximately $6 million in county budget reductions (of a total of $16.5 million in reductions). The FY 2015 Budget will be made final and adopted by the Board of Supervisors at its meeting on Tuesday, April 29. The FY 2015 Budget is effective July 1, 2014.
A summary of the marked-up FY 2015 Budget:
- The Real Estate Tax Rate will increase a half-cent from $1.085 to $1.090 per $100 of assessed value. A half-cent increase in the tax rate equals an average annual $25 increase on a taxpayer’s bill, which will increase county revenue by $10.9 million.
- The budget transfer to FCPS for school operations will increase by 3 percent over the FY 2014 Budget. The Fairfax County School Board had requested a 5.7 percent increase in February; the proposed budget included a 2 percent increase in the General Fund transfer to FCPS. Combined with the transfer for school debt service, 52.4 percent of the county’s General Fund budget, or $1.95 billion, is provided to FCPS. (The Multi-Year Plan for FY 2016 includes an additional 3 percent increase in the county funding transfer to FCPS operating.)
- Non-uniformed county employees will receive a compensation increase of 2.29 percent; the proposed budget included a 1.29 percent increase. Uniformed public safety employees will receive a 1.29 percent increase as well as step and longevity increases, which is unchanged from the proposed budget.
- Lower than anticipated 2014 tax revenues to date, including sales tax receipts and Business, Professional and Occupational License (BPOL) taxes, have decreased FY 2015 Budget revenue projections. Explanation by county executive. (PDF)
Additional Budget Resources:
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