Posts Tagged ‘funding’

$$$ predictions

Thursday, March 18th, 2010

The General Assembly this month has decided to cushion the blow to Albemarle by the adoption of the new composite index by providing replacement funds for the upcoming year. What is coming after that? We know that in FY 2012, beginning July 1, 2011, the $5.2 M replacement funds will be cut in half, to $2.7M using the same composite index. In FY 2013, there will be NO replacement, thus we will have that $5.2M hole again compared to today’s budget. Also in FY13 the county will pay more into the VRS or VA Retirement System. How much more we do not know. The General Assembly postponed higher payments to make it easier for localities. But it will only be easier if we begin saving now.