Virginia Council gives budget preliminary OK
Unlike the Illinois General Assembly, Virginia’s City Council members know how to take action on a budget.
On a unanimous vote, the City Council on Monday evening approved the first reading of the proposed $2,779,533 fiscal year 2018 budget. If approved as it now stands, the new budget would represent a $136,137 increase over the current budget.
Though it appears the budget forecasts a $212,522 deficit, City Treasurer Chris Barrett explained most of this amount will be covered by reserves, leaving a net deficit of about $44,000. Furthermore, Barrett anticipates an increase in assessed property valuations will boost property tax revenue.