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Posted on: April 12, 2018

F.Y. 2019 Budget Summary

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The Radford City Manager presented the proposed F.Y. 2019 Budget to City Council on Wednesday, April 4, 2018.  The F.Y. 2019 Budget goals are to minimize the cost of services to citizens and businesses, maintain service levels, preserve the financial health of the city, reflect expenses and minimize the size and cost of government.  The budget looks to explore new ways to increase revenue, while keeping expenditures down. The total City Budget is balanced at $58,189,863 a reduction from F.Y. 2018 of $2,170,902.  The largest segment of the budget is the General Fund at 40%, followed by the Electric Fund at 36%.

The General Fund is balanced at $25,606,019 and the expenses broken down by function are as follows:

Public Safety-28%, Education-26%, Health and Welfare-13%, General Administration-11%, Leisure Services-8%, Judicial Administration-5%, Public Works& Utilites-4%, Debt Service-3%, and Planning and Community Development 2%.

The Water/Wastewater budget is projected at $4,948,270 and goes to support the Water Treatment Plant, water pumps, tanks and distribution system, and the sanitary sewer pumps, treatment and distribution system. Wastewater treatment service is provided regionally by the Peppers Ferry Wastewater Treatment Authority.

The Solid Waste budget is projected at $1,394,050 and goes to support curbside trash collection, seasonal leaf collection, Christmas tree collection, dumpster service, drop center operations and spring special collections. Solid Waste disposal is provided regionally by the New River Resource Authority.

The Electric budget is projected at $20,121,535 and goes to support electric administration and operations, electric production, wholesale purchase power, the electric service distribution and the public lighting system. The City owns and operates a renewable energy source from the Little River Dam.

The Street Maintenance budget is projected at $2,785,571 and goes to fund highway maintenance, traffic control, storm water maintenance, street construction and repair, snow removal, public right of way maintenance, special event support and parking lot maintenance.

The Transit Fund is $3,334,418 and supports the local transportation service, regional service connections, the contract service provider, and capital equipment.  It is a partnership between Radford University, the Federal Transit Administration and Department of Rail and Public Transportation.

The Internal Services Fund is $745,909 and supports repairs and maintenance, fuel center, auto supplies, and the public works building.

The F.Y. 2019 Budget rates and taxes summary are as follows: Property Tax Rates-level at .76 per $100 of assessed value, Machinery and Tools Tax Rate-level at $1.76 per $100 of assessed value. Water-level at $16.32/4,000 gallons, Wastewater-level at$14.18/2,000 gallons.  The Electric Rate is proposed to increase 1.5% - .0987 per 900 kWh. The Solid Waste Fee-level at $20. A new Storm Water Management Fee is planned and will be introduced in May.  

Radford City Council will hold a public hearing on Monday, April 16 at 5:30 p.m. to hear comments on the F.Y. 2019 Budget and Tax Rates.  The Public Hearing will be followed by the first reading of Ordinance 1702 F.Y. 2019 Budget, Ordinance 1703 Tax Rate and the F.Y. 2019 Rate Resolution.  The second readings of the above will be held at City Council’s regular meeting on April 23, at 7:00 p.m.  The F.Y. 2019 Budget will go into effect on July 1, 2018. The City Code requires the budget and tax rate be adopted in May of each year.

 

A copy of the document is available for review in the City Manager’s office, the Radford Public Library, and on the City’s website at www.radfordva.gov.

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