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Board hears $583,880 FY2027 shortfall as required school effort and reassessment costs rise
Summary
Finance staff reported FY27 revenue of $30,450,019 and expenses of $31,033,899, leaving a $(583,880) gap; mandated Required Local Effort for schools rises by $669,000 and a reassessment is expected to cost $500,000, prompting discussions of cuts, levy changes and interlocal cost-sharing.
Finance staff told the board that preliminary FY2027 figures show revenue at $30,450,019 and expenses at $31,033,899, producing a $(583,880) deficit that must be closed before adoption. "By code, budget must be balanced so there’s still work to be done," Mrs. Edwards said as she reviewed revenue and expense detail.
Mr. Boyer and Mrs. Edwards flagged two mandated drivers: a $669,000 increase in Required Local Effort for schools this fiscal year and an upcoming statutory reassessment estimated at $500,000 (required every six years). Mr. Boyer said the county is required by code to issue an RFP for the reassessment and that staff are discussing cost-sharing opportunities with the Mt. Rogers Regional Partnership to lower the local share.
Board members discussed options including further staffing reductions, reduced spending, and revenue actions. The board was reminded that the county previously increased the levy by 4 cents last year and that pandemic-era reserves are largely exhausted. No final budget decisions were made during the work session; staff will return with options to close the FY2027 gap.
