During the October 24 County Board Meeting, County Manager Mark Schwartz presented his Fiscal Year (FY) 2019 budget projections, which show moderate ongoing revenue growth of 2.9 percent in FY 2019 and a growth of 4.0 percent in expenditures. Such a scenario would result in a funding gap ranging from $10-13 million. The County is forecasting modest growth in single family and multi-family assessments. The gap is for the County government alone and does not include any projection for Arlington Public Schools (APS) revenues and expenditures.
“This is a preliminary projection – it’s still early in the budget-building process,” said County Manager Mark Schwartz. “We have additional information that will come in the next few months – including actuarial reports for our pension and retiree healthcare, state budget proposals as well as Metro’s updated financial forecast.”
The current projected funding gap assumes the current real estate tax rate of $1.006 per $100 of assessed value (including the sanitary district tax), the lowest tax rate in northern Virginia. The forecast is a largely continuing operations and services budget, with the exception of expansions in transit service as laid out in the Board-adopted Transit Development Plan.