Colonial Beach is moving forward in its fiscal 2020 budget process. At the March work session Gladys Gomez, who works for the finance department, presented a look at the budget process and actual town finances.
In the past, according to Town Manager Quinn Robertson, the town worked their revenue projections off of collecting 100% of all taxes due. The average of taxes actually collected each year is approximately 95% leaving the town with an underage in anticipated revenues.
Looking into the revenues versus expenditures led the town to an increase in real estate taxes of 10-cent per $100 of assessed value. Historical revenue over the past four years was presented.
Property tax revenue begin in fiscal year 2015 at $3,629,840, and in most recent 2018 was $3,921,419. Local sales and use taxes went up $60,000 over the four year period with building permits dropping from a high of $181,446 to $64,768.
For the full article, pick up the latest Westmoreland News 3/13/19