HomeMy Public PortalAboutTOL PR 2010-04-14 Budget
Town of Leesburg
News Release
For Immediate Release
Contact:
Norm Butts
Director of Finance
703‐771‐2720
Betsy Fields
Research & Communications Manager
703‐771‐2734
Leesburg Town Council Approves FY 2011 Budget
Average residential tax bills will decrease
Leesburg, VA (April 14, 2010) – On Tuesday, April 13, 2010, the Leesburg Town Council set the tax
rates for 2010 and approved the FY 2011 budget and the FY 2011‐2015 Capital Improvements
Program. The property tax rate will remain the same rate as it was in 2009, $0.195 per $100 of
assessed value. As a result of declining assessments, the average residential tax bill for the Town
will see a decrease from the 2009 bill.
Characterized by Town Manager John Wells as a “very fiscally sound” budget, the FY 2011 budget is
a true balanced budget, using no carryover funds from previous years. The total budget, including
all funds, totals $91,633,412. The General Fund, which covers most of the Town’s general
government operations, is $46,145,606; the Utilities Fund is $20,653,249; the Airport Fund is
$5,564,835 and the Capital Improvements Fund is $18,880,222. In addition, the FY 2011 budget
uses $389,500 from two donation funds for specific projects and programs, the Irwin W. Uran Fund
and the Valeria Symington Fund. In addition, the Town committed to maintain a balance of
$1,400,000 in the Revenue Stabilization fund.
The five‐year Capital Improvements Program was approved with only minor changes from the
proposed program. The Council increased funding for the South King Street widening project by
$250,000 in order to maintain a buffer of trees adjacent to the Greenway Farms stormwater
detention pond. The Loudoun Hills storm drainage project was redefined and $1,935,000 in later‐
year funding was removed from the project. The Town’s Community Improvement Team is working
with the residents of the Loudoun Hills neighborhood to identify cooperative solutions for the
storm drainage issue. Finally, the Council determined that the Southwest Connector Trail, a much‐
debated project, will not go to construction without additional public input and Council
consideration. This change does not affect the funding of the project.
TOL PR 2010‐04‐14 FY2011 Budget Approved
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“We are hopeful that, as the national economy recovers, FY 2011 will be the bottom for the Town
and our fiscal situation will improve for FY 2012,” Wells stated. “The FY 2011 budget comes with a
lot of sacrifices. We avoided having a reduction in force, but FY 2011 will be the third year without
a cost of living increase for our employees and the second year without merit pay increases. We
have deferred equipment and vehicle replacements. As the economy recovers, we will have some
ground to make up, but I don’t foresee a quick return to previous budget levels.”
In the future, Wells anticipates presenting the Town Council with a multi‐year budget. “We need to
put as much effort into planning how we move forward coming out of the recession as we put into
preparing for the economic downturn,” he explained.
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