Stewart: PW is strong but hard times lie ahead
By Tara Donaldson
Times are tough but they're better for Prince William residents than for their neighbors around the region.That was the basic message Tuesday as Board of County Supervisor Chairman Corey Stewart (R-at large) delivered the annual State of the County Address.
The coming year will bring "the toughest fiscal challenge the county has ever faced," Stewart said.
Officials are expecting a $190 million shortfall in the coming year, brought on mostly by declining home values and shrinking sales tax revenue. That, coupled with major spending cuts from the state, will put a serious crimp in the county's economic prospects.
But there is good news.
"If if there is a silver lining, it is this. Last year, when other major localities in our region hoped for the best, we prepared for the worst," Stewart said.
The result, he added, is that the county had been tightening its belt even before the economy crashed. So while other jurisdictions are scrambling to plug holes in their current budget, Prince William is not.
That means that even though a major shortfall is expected in the coming year, it isn't compounded by a shortfall in the current year. And that in turn will likely mean the economic fallout in Prince William will not be as bad as it is in other places.
"Other localities in Northern Virginia are considering tax increases in reaction to their own shortfalls," he said. But this county will be different. While you are worried about your job, paying bills or paying for groceries, the board believes it is unacceptable to consider raising your taxes and further burdening you."
Instead, he said, supervisors have already agreed to make steep budget cuts in the coming year to ensure that homeowners will see an average 18-percent drop in their tax bills this year.
"The cuts will be deep," he said." The cuts will often be painful. But the cuts mean that, while other counties consider tax increases, this board shall deliver a tax cut to all of you at home."
The coming year's budget and tax rate will be finalized in the spring.