Gloomy Budget Forecast in Fairfax County

[PHI] Money Wallet generic

Fairfax County Executive Edward Long presented his fiscal years 2014 and 2015 budget forecast to a joint meeting of the Board of Supervisors and the School Board.

Even without any sequestration impact, he projects a $169 million shortfall for 2014 and a $274 million shortfall for 2015. Those shortfalls are based on keeping the tax rate where it is while providing a 5 percent increase in the school budget.

It's also projected real estate assessments will be going up, which means even with the current tax rate, the average homeowner would pay $120 more than fiscal year 2013.

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As Long explained, one reason for the projected shortfall is the fact that there are some big costs coming in the next two years -- like the Silver Line -- that will eventually bring revenue.

County agencies have already been instructed to identify reductions totaling 5 percent for each year.

If sequestration takes effect, the scenario gets even worse.

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