Revenue Slowdown Limits Budget Increases

From today's Metro section:

The Fairfax County Board of Supervisors has announced limited spending increases for next fiscal year, prompted by flatter property tax revenue as the housing market cools.

County spending will rise no more than 3 percent, and the public school system -- which accounts for more than half the budget -- will receive a maximum of 4 percent more from the county, the board said yesterday.

In previous years, the schools have received annual increases of up to 9 percent.

The flattening housing market comes after six years of double-digit property assessment increases in Fairfax and other communities in the region. Fairfax home values soared by an average of 20.5 percent last year, but county officials expect increases of 1 to 3 percent in the coming budget year.

-- Lisa Rein

By  |  August 2, 2006; 10:35 AM ET  | Category:  Economy, Taxes , Government
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