Lori Graham
Contributing Writer
BLACKSBURG – A budget overview for FY 2025 was presented during the Blacksburg Town Council meeting on April 9, 2024.
The total budget is projected at an amount just over $105 million and shows an increase of 12.52% with capital and debt service; however, the operating budget increase is 3.92%. This amount is in line with inflation rates without applying the capital and debt service, Town Manager Marc Verniel said.
“The general fund is about a 7 percent increase over last year,” Verniel said.
Additional new positions are also being proposed as part of the FY 2025 budget. Two additional police department positions, a Business Relations Manager for Housing and Community Connections, Parks and Natural Lands Coordinator and Recreation Program Associate for the Parks and Recreation Department, Public Works Technician and a Maintenance Specialist II in the Public Works Department are the new positions included in the budget.
The property tax rate will remain at $0.26 per $100 of assessed value. However, some increases will be seen in sewer and water rates of $0.23 per 1,000 gallons and $0.22 per 1,000 gallons, respectively. An average utility bill increase of $2.70 (2.05%) was also listed in the budget review presented by Verniel.
The budget will be up for vote by council members on April 23, 2024.
In other public hearings during the meeting, the town council voted unanimously to approve Ordinance 2047, Series 2024, authorizing the issuance of the general obligation capital improvement and refunding bonds.
The Council “has determined that it is advisable to issue its general obligation capital improvement bond or bonds in the maximum principal amount of $16,900,000 (the “New Money Bonds”) to finance (a) the costs of acquiring, constructing and equipping capital improvements for which bond proceeds have been appropriated pursuant to the Town’s capital improvement program, as it may be amended from time to time hereafter (collectively, the “Projects”), and (b) the costs of the issuance of the Bonds,” according to the meeting agenda at www.blacksburg.gov.
The town council voted unanimously in approval of Ordinance 2050, an ordinance to amend FY 2023/2024 operating budget to appropriate $2.5 million of bond proceeds to the general capital improvement fund. The funds will be appropriated for the potential purchase of Blacksburg property.
“The subject of that is the purchase of three buildings downtown for future expansion of the existing facility at 414 North Main as well as a potential parking garage in the future and we will have more on that in the future as we actually purchase those buildings and close,” said Town Attorney Larry Spencer.
