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Virginia Beach projects widening five-year budget gaps for city and schools
Summary
City and school officials presented joint five-year forecasts showing baseline deficits that grow from about $11 million in year one to roughly $72 million by year five, driven by rising personnel costs, health-insurance increases, and the growing impact of tax exemptions and federal funding shifts.
City and school officials in Virginia Beach warned Nov. 18 that baseline projections show growing budget gaps over the next five years, driven mainly by rising personnel costs, higher health-insurance obligations and shrinking taxable revenue.
Kevin Chatelier, a city presenter, said the joint forecast is a planning tool that assumes current tax rates and the existing city–schools revenue-sharing formula remain unchanged. "Year 1 [of the baseline forecast] is anticipating an roughly an $11,000,000 gap, growing to about $72,000,000 over the forecast period," Chatelier said during the presentation.
The city’s largest single local revenue source, real-estate tax, supports roughly 46% of the general fund. The real-estate assessor’s preliminary projection is…
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