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From YouTube: Real Estate Market Update/Proposed FY2023 Budget Revenue Work Session - Feb. 23, 2022 BOS Meeting
Description
Melvin Bloomfield, director of real estate assessments, presented a real estate market update to the Chesterfield County Board of Supervisors. Data Analyst Shane Hill and Budget and Management Director Gerard Durkin also presented a revenue update that serves as the framework for the proposed FY2023 budget.
A
A
I'm
going
to
begin
the
lineup
here
with
mr
bloomfield
from
the
real
estate
assessor's
office,
but
you
know
we
do
want
to
make
sure
that
there's
some
separation
in
these
topics
here
today
because,
as
as
mr
bloomfield,
be
very
quick
to
point
out,
he
is
not
the
tax
man
he
is.
He
is
the
the
real
estate.
A
Assessor
he's
done
a
fantastic
job
since
he's
come
over
we're
very
lucky
to
have
him
and
he's
certainly
inherited
a
challenging
market,
and
I
think
this
him
and
his
staff
have
done
a
fantastic
job,
so
he's
going
to
come
up-
and
just
I
think,
given
the
interest
in
this
topic,
give
you
all
a
little
bit
of
background
in
terms
of
the
main
trends
that
they
encountered
for
the
revaluation
activity.
That
sets
your
values
for
january
1st
of
2022,
but
he
is
not
going
to
talk
about
revenue.
I
have
we'll
have.
A
Mr
durkin
and
mr
hill
come
forward
and
sort
of
middle
chapter
of
this
story
and
walk
you
through
the
economic
backdrop
and
then,
ultimately,
what
the
revenue
side
of
the
county
budget
looks
like
at
this
point
and
what
we
expect
to
be
presented
to
you
on
march,
the
9th
from
a
revenue
perspective
and
then
finally,
we
will
go
through
the
cip
and
really
focus
deeply
on
the
referendum,
as
we
formally
present
that
recommendation
to
you
today.
So
three
distinct
parts
of
your
story.
B
B
C
Afternoon,
mr
chairman,
members
of
the
board,
dr
casey,
so
as
matt
has
said,
I'm
just
standing
back
a
little
bit
as
mattis
said:
I'm
not
the
taxing
assessor.
I
am
the
real
estate
assessor
so,
and
I
make
that
distinction,
because
there's
always
a
some
level
of
dichotomy
into
what
in
terms
of
what
we
do
in
terms
of
what
I
do
all
the
time
and
then
interesting
enough.
We
talked
about
it
from
the
five
five
o'clock
news.
C
C
If
you've
read
it
home
prices
skyrocket.
The
last
year
two
regions
saw
the
biggest
increases
and,
and
the
article
goes
home,
prices
rose,
18.8
percent
in
2001.
According
to
sp
kay
schuler
report,
all
regions
saw
price
gains
last
year,
but
increases
were
strongest
in
the
south
and
the
southeast,
each
of
which
were
up
over
25
percent.
C
Misunderstanding
as
to
the
direction
of
real
estate
versus
the
real
estate
market
itself,
real
estate
assessments
for
us
real
estate
markets,
and
we
know
that
there
is
a
strong
core
correlation
into
what
that
happens
and
sometime
we
get
that
gets
just
get
confused.
So
I'm
coming
today
to
just
give
you
some
summary
information
on
the
land
book
creation.
We've
talked
about
this
a
little
bit
earlier.
I've
met
with
you
folks,
through
our
team
earlier
a
few
weeks
ago,
prior
to
the
notices
of
going
out.
C
I
just
wanted
to
start
by
talking
about
first
thing
that
that
drives
our
assessment
activity
is
the
state
statute,
which
is
the
58.1
3201,
which
simply
states
that
all
assessments
shall
be
probably
shall
be
assessed.
100
percent
of
this
fair
market
value
and
and
that
fair
market
value
is
insisting
about
us,
making
it
equitable
across
that
whole
stratosphere
of
properties,
our
population
properties,
the
total
taxable
assessment
land
book
as
it
stands
right
now
is
50
billion
point
two
right
now,
with
a
it
being
structured
in
terms
of
residential
agricultural.
C
Making
up
39
billion
of
that
amount
and
the
other
commercial
is
is
about
11
billion.
With
the
overall
increase
from
the
21
to
22
assessment
about
6.2
billion
dollar
increase
from
from
last
year,
which
is
significant
and
understand
that
that
equals
the
total
taxable
amount
equals
about
fourteen
point
two:
five:
five
percent
overall
for
everything
combined,
and
that
means
new
construction,
reval
and
everything
else.
That's
that's
included
in
that
and
that
breakdown
and
percentage-wise
is
ten
percent
residential
and
four
percent
for
commercial.
C
So
that
increase
in
land
book
that
6.2
billion
dollar
increase
breaks
down
is
more
formally
into
the
new
construction
and
growth
at
about
eight
percent
of
that
amount,
and
the
attributed
to
the
revaluation
is
90.
92
of
the
6.2
billion
dollar
increase
and
the
increase
from
just
from
residential
agricultural
of
the
6.2
billion
is
a
71
to
29
split
between
the
two
project
classes.
C
The
qualifier
of
residential
sales
for
2021
has
increased,
as
you
see
the
last
five
years.
The
8
000
sales,
and
I
might
have
I
missed
something
earlier,
but
in
that
first
slide,
that
was
the
actual
assessment
to
sell
ratio.
The
assessment
cell
ratio
right
now
as
it
stands
for
this
year,
is
at
96.05.
C
I
believe
it
is
which
is
within
the
standards
of
the
iwo
standards
is
all
as
well
as
the
the
cod,
the
corpus
and
dispersing
with
the
dispersion
of
the
data
around
the
population
and
making
certain
that
there's
some
equitableness
and
assessment
as
we
apply
that
that
qualified
residential
sales
as
it
stands
would
be
in
terms
of
the
assessment
to
sell
ratio
would
be.
If
you
take
the
21
assessment.
C
C
This
is
a
distribution
chart
of
the
residential
property,
since
that
makes
up
the
majority
in
which
is
where
you
have.
The
majority
of
your
conversations
about
residential-
and
this
will
show
is
showing
is
that
the
majority
of
the
percentage
of
increases
is
between
five
and
nineteen
percent
is
where
the
bulk
of
the
property
increases
occurred.
C
C
These
are
some
notable
commercial
new
construction
builds
that
has
happened
in
each
of
the
districts
we
have
on
the
top
livestock
apartment,
flash
at
34
million
assessment,
watkins
center
apartments
at
106
at
16.3
million
austin.
Woods
was
up
the
street
here
at
11,
12
million
there
and
and
so
forth,
so
on,
and
even
the
the
distribution
warehouses
at
nine
percent.
So
we
have
those
new
construction
that
that
came
on
board
in
2021
I
mean
2021,
sorry.
C
In
that
commercial
asset
group,
apartments
is
leading
the
way
which
is
not
surprising,
because
that's
that's
what's
happening
across
the
country
is
happening
across
this
district
across
the
the
region
right
now,
apartments
warehousing,
of
course,
distribution
warehousing
has
picked
up
over
the
last
decade
or
so
where
housing
has
was
gone
by
the
by
the
wayside
last
couple
years.
The
need
for
distribution,
the
change
in
how
we
behave.
C
How
we
buy
and
sell
products
is
needed
for
more
warehousing
is
needed
as
you've
seen
here
in
the
county,
there's
been
a
growth
in
warehousing
distribution
sites,
so
that
that
is
up.
That
assessment
base
is
up.
One
point:
that's
up
to
1.3
billion
now
other
industrial
increases
728
million
for
industrials
many
warehouses
at
359
million
convenience
stores,
mobile
home
parks.
C
Interesting
enough
has
been
a
an
attractive
asset
group
as
well,
which
which
falls
into
the
affordability
category,
which
folks
are
trying
to
now
target
to
try
to
at
least
hone
in
on
some
affordability.
I
don't
know
how
how
they're
going
to
you
know,
increase
that
to
make
it
more
attractive
for
them
in
terms
of
investment,
but
that's
what
they
they
haven't
begun
to,
invest
in
and
there's
been
a
lot
of
outside
investment
pouring
into
the
central
virginia
area
over
the
last
three
years.
Actually,
there
was
no
increase
on
office,
retail
and
shopping
centers.
C
This
year
there
was
a
decrease
from
19
to
20,
and
we
show
no
real
interest
at
this
point
and
not
certain
as
to
what
direction
that
those
asset
classes
is
going
to
move
into
because
of
where
we're
at
right.
Now
there
may.
We
have
not
seen
any
people
downgrade
in
terms
of
size
of
office
space
at
this
moment,
but
there
hasn't
been
any
interest
to
really
go
into
really
investing
heavily
into
office,
retail
and
shop
missions.
C
So,
and
that's
what's
leading
the
way
in
commercial
for
right
now,
as
it
is
right
now,
I
don't
see
any
change
in
that
behavior.
There
is
a
change
as
if
we
had
to
read
the
tea
leaves
as
to
what
may
occur
moving
forward.
We've
seen
mortgage
rates
increase
over
the
last
two
weeks,
or
so
the
feds
are
talking
about
another.
C
B
Assessor
anyone
no
questions.
I
found
it
noteworthy.
Mr
bluefield,
I
mean
you
look
at
retail
and
office
and
no
change,
and
you
know
we've
kind
of
had
an
eyeball
in
this
county
for
a
little
while
and
I
think,
a
more
focused
one
recently
on
old
shopping,
centers
retail
office
space.
What's
going
on
with
that
sector,
and
you
know
in
terms
of
redeveloping
that
some
of
those
older
spaces,
you
know
it
still
looks
like
it's,
it's
an
opportunity
for
the
county
to
to
get
highest
and
best
use
in
some
of
these
areas.
B
D
C
D
Information
with
januaries,
this
basically
is
looking
at
the
single
value
or
excuse
me
single
family,
home
value
estimates
here
within
chesterfield
county
as
well
as
our
surrounding
localities
and
the
richmond
region.
Main
point
from
this
chart
is
that
chesterfield
is
not
alone.
They
are
seeing
those
increasing
trends,
not
just
here
in
chesterfield
but,
like
I
said
around
the
region
as
well
so
again,
nationwide
the
case-shiller
index
came
out
yesterday,
which
is
essentially
the
measure
of
home
values
nationwide
that
home
values
across
the
nation
have
gone
up
18,
just
in
2021
alone.
D
D
So
over
the
past
year
and
a
half,
the
county
has
seen
that
substantial
growth
in
local
sales
tax
collections
outpacing
its
pre-pandemic
five-year
average
of
four
percent
represented
by
that
purple
line
near
the
bottom
of
the
graph.
With
the
rate.
Excuse
me,
with
the
latest
release
of
december's
collections,
chesterfield
actually
saw
a
historic
high
for
collections
in
december
of
7.3
million
dollars.
D
You
normally
see
that
in
december
with
holiday
sales,
with
the
last
historic
high
being
in
december
of
2020.,
inflation
does
kind
of
take
an
aspect
on
that
when
we
adjust
for
that,
it
actually
brings
that
year-over-year
growth
closer
to
four
and
a
half
percent,
which
is
more
in
line
with
that
pretty
pandemic
trend
that
we've
seen
some
of
the
biggest
increases
that
we've
seen
with
local
sales
tax
collections
are
restaurants,
so
we're
starting
to
see
those
make
a
comeback,
durable
goods,
so
home
furnishings
home
improvement
stores.
Things
of
that
nature
have
been
making
a
comeback.
D
As
well,
I
would
be
remiss
if
I
didn't
talk
about
the
tourism
industry
here
in
chesterfield
county
with
the
latest
data
from
january
2022
on
occupancy
rates.
We
see
that
chesterfield
not
only
is
outpacing
its
pre-pandemic
highs
from
2020
and
2021,
but
is
also
leading
the
region
against
our
biggest
competitors,
henrico
and
richmond
city,
as
well
as
you
all
have
heard
before
from
the
richmond
region,
tourism.
D
Most
of
this
tourism
is
driven
by
our
river
city,
sportsplex,
just
to
recap
from
previous
presentations
that
they've
done,
river
city
has
generated
in
fy
21
32.2
million
dollars
in
economic
impact,
which
resulted
in
about
1.2
million
dollars
in
direct
tax
revenue
because
of
river
city.
We
do
see
those
increase
in
visitors
to
our
county
with
about
130,
000
visitors
and
50
games
or
tournaments
played
at
river
city
alone
in
the
coming
cip,
slides
that
mr
harris
will
present
to
you
all
here
in
a
little
bit.
D
You
will
continue
to
see
that
investment
in
river
city,
as
our
asset
for
sports
to
sports
tourism
here
in
the
county,
so
something
we
don't
normally
talk
about,
but
is
worth
mentioning,
is
recordation
tax
collections.
Recordation
tax
collections
are
what
the
county
collects
when
you
record
a
home,
sale
or
refinancing
deed.
D
D
More
so
from
this
chart,
you
can
see
that
basically,
when
mortgage
rates
started
to
hit
record
lows,
we
saw
that
increasing
trend
in
refinancing
deeds
here
within
chesterfield
county.
So,
while
we
do
expect
with
the
most
recent
trend,
excuse
me
of
mortgage
rates
going
back
up,
as
mr
bloomfield
just
mentioned
earlier,
cresting
over
four
percent.
Recently,
we
are
expected
to
see
this
revenue
source
start
to
come
back
down
toward
its
more
pre-pandemic
trend.
D
However,
digging
into
that
portfolio,
we
did
see
that
some
of
our
majority
of
our
longer-term
investments,
which
is
primarily
corporate
bonds,
that
we
invest
in
about
53
of
our
portfolios.
Corporate
bonds
have
already
begun
to
roll
off
and
you
can
kind
of
see
that,
starting
in
fy21
and
f122,
due
to
the
timing
of
these
maturities
and
the
nature
of
the
market,
we
don't
see
that
reinvestment
at
its
original
rate
happening
likely.
It
will
be
a
little
more
difficult
to
reinvest
at
those
previously
higher
yields.
D
So
again
with
an
other
revenue
source.
We
are
starting
to
see
not
a
significant
decline
but
again
more
level
off
towards
the
earlier
years
before
fy
20.
and
just
as
a
side
note,
the
current
yield
benchmarking
that
you
do
see
there.
While
we
do
expect
this
to
decline
a
little
bit
chesterfield's
current
portfolio
does
outperform
that
of
the
91
day.
T
bill
the
six
month
t
bill
as
well
as
the
virginia
treasury,
prime
liquidity.
So
again
we
are
outperforming
those
benchmarks
around
the
nation
and
the
state.
D
The
latest
release
from
january
had
cpi,
which
is
the
consumer
price
index
at
seven
and
a
half
percent
year-over-year
growth
core
cpi,
which
tends
to
be
less
volatile,
represented
by
that
dark
purple
line
it
strips
out
food
and
energy.
So,
while
again
you
see
that
pre-pandemic
and
prior
year
since
2000
it
kind
of
stays
below
that
three
percent
year-over-year
mark
we've
seen
in
recent
months.
D
It
jump
up
to
over
six
percent,
some
of
the
biggest
jumps
that
have
been
happening
with
the
consumer
price
index
have
been
gas
and
oil
prices
used
cars
and
trucks,
as
well
as
grocery
store
staples
such
as
meats,
upholstery,
fish
and
eggs.
So
again
we
are
feeling
that
everywhere,
consumers
across
the
nation
are
feeling
that
ramp
and
inflation
continue.
D
There
is
hopefully
good
news
on
the
horizon
with
the
federal
reserve
interest
rate
hikes
that
will
hopefully
ease
this
inflation
to
a
more
normalized
level
and
on
the
march
9th
meeting
you
actually
hear
from
stephanie
brown,
our
procurement
director,
the
impact
of
inflation
on
our
goods
and
services.
Here
with
chesterfield
county.
D
One
of
the
impacts
of
the
inflation
pressures
going
on
around
the
country
is
the
increase
in
labor
costs
so
widely
used
as
an
indication
of
the
cost
of
labor.
Is
the
employment
cost
index?
So,
looking
at
this
nationwide
with
the
latest
data,
you
can
see
that
labor
costs
have
increased
four
percent
compared
to
quarter
four
of
2020..
D
Again,
you
can
see
on
this
graph.
It
kind
of
tends
to
follow
the
same
trend
as
core
cpi,
but
it
has
consistently
posted
the
over
your
growth
since
the
inception
of
the
survey
with
the
highest
reading
being
the
highest
year
of
year,
growth
in
20
years,
as
you
can
see,
as
dr
casey
mentioned
yesterday
during
the
media
briefing
with
the
upcoming
proposed
buzz
it
budget.
D
Excuse
me:
you'll,
see
a
continued
investment
in
our
workforce,
with
over
two
thirds
of
our
budget
being
related
to
personnel
costs
and
then
just
digging
a
little
deeper
into
that
wage
growth.
We
do
start
to
see
the
wages
being
impacted
by
inflation
so
before
you
is
real
average
hourly
earnings
which
takes
into
account
inflation.
As
you
can
see,
it
started
to
decrease
over
the
past
year
and
a
half
indicating
that
inflation
has
started
to
primarily
outpace
wage
growth,
and
I
know
there's
been
reports
out
there.
It's
worth
mentioning
that
nationwide.
D
They
estimate
that
consumers
are
spending
about
an
extra
7.
200.
Excuse
me
275
dollars
per
month
due
to
inflation.
So
again,
we
are
cognizant
of
all
these
issues,
not
only
on
the
revenue
side,
but
the
expenditure
side
as
well,
so
inflation
wage
growth.
All
of
this
goes
into
the
consumer
sentiment
index,
which
is
an
index
that
the
university
of
michigan
puts
out.
Basically
looking
at
the
impact
of
the
economy
on
consumers.
D
February's
consumer
excuse
me
february's
consumer
sentiment
index
fell
to
61.7,
which
is
a
19.7
decrease
from
the
prior
year.
It
also
represents
a
20-year
drop
in
the
index
relating
back
to
2011
levels.
Again,
like
I
just
said,
consumers
nationwide
continue
to
be
concerned
about
rampant
inflation
and
falling
real
income
levels.
D
Further
confidence
in
government
economic
policies
were
at
its
lowest
since
2014,
and
the
increasing
geopolitical
risks
are
contributing
to
the
downfall
of
consumer
confidence.
Excuse
me,
part
of
the
consumer
sentiment
survey.
Actually
asks
consumers
on
their
outlooks
for
buying
durable
goods,
so
there's
more
tick.
Big
ticket
items
such
as
home
appliances,
lawn
mowers,
things
of
that
nature
and,
as
we
saw
earlier
with
our
sales
tax
graph,
part
of
that
drive
of
our
local
sales
tax
more
recently
has
been
because
of
durable
goods.
D
So
the
graph
before
you,
the
top
part,
is
essentially
asking
consumers
how
they
feel
the
buying
conditions
are
four
large
household
durables
and,
as
you
can
see,
with
februaries,
it's
reached
a
historic
low.
The
bottom
chart
asks
consumers
on
their
buying
conditions
for
household
durables
due
to
price.
So
we
see
that
increase
as
more.
Consumers
are
not
feeling
obligated
to
buy
those
bigger
ticket
items,
because
prices
are
increasing.
D
And
then,
lastly,
just
as
a
quick
mention
at
the
state
level,
there
are
some
uncertainties
in
our
state
revenues.
Mrs
billman,
I
believe,
is
giving
an
update
for
you
all
tonight
about
the
general
assembly,
but
just
wanted
to
hit
on
a
couple
of
these
real,
quick
as
it
relates
to
local
revenue
collections
from
the
state
grocery
tax.
D
D
The
referendum,
which
is
a
big
one
for
us
at
the
local
level,
would
propose
a
referendum
requirement
to
increase
most
property
taxes
instead
of
just
a
public
hearing.
The
b
poll
tax
proposes
the
elimination
of
the
business
professional
occupational
license
tax,
which
is
about
20
million
dollars
for
our
local
revenue
and
then.
Lastly,
the
recreation
tax,
which
would
actually
be
positive,
would
be
the
restoration
of
distributing
state
recreation
tax
to
localities.
E
Well
well,
one
good
thing
about
mr
chairman,
I
might
add,
is
that
with
increasing
wages
we
have
more
disposable
income.
Correct.
The
only
question
is
what
what
are
our
saving
rates?
Are
we
saving
more
money?
Are
we
spending
it
back
in
the
economy,
because
our
econ
economy
requires
at
least
six
to
six
percent?
Is
consumer
related
and
then
the
other
is
corporate,
but
consumers
really
drive
the
economy.
So
that's
the
good,
that's
the
good
side.
We
have
more
money
with
dollars.
We
hope
we
can
just
control
inflation.
E
F
All
right
good
afternoon,
mr
chair
members
of
the
board,
dr
casey
and
you've,
heard
a
lot
of
information
this
afternoon
and
it's
my
job
to
kind
of
take
that
synthesize
it
and
how
does
that
impact?
What
we
are
proposing
for
our
fiscal
23
budget?
The
slide
before
you
states
that
you
know
our
revaluations
this
year
are
the
highest
they've
been
since
2017.
F
F
We
are
expecting
that
market
for
our
out
year
forecast
to
normalize,
not
decrease.
We've
got
it
budgeted
as
a
back
to
our
normal
three
to
four
percent
range
over
the
five
year.
Horizon
second
part
is
that
you
see
from
about
2014
onwards,
we're
in
that
kind
of
three
to
four
percent.
You
know
cost
of
doing
businesses.
We
call
it
revaluation
rate
that
rate
kind
of
steady
state
allows
us
to
fund
our
operations
and
some
enhancements
this
year
with
the
11.9.
F
We
are
cognizant
that
that
is
higher
than
usual
with
that.
If
it
goes
above
that
steady
state,
one
of
the
very
first
things
we
look
at
is
the
tax
rate
and
what
we
can
do
to
alleviate
the
financial
burden
on
our
residents
in
the
community,
and
this
shows
you
a
chart
from
1997
with
a
real
estate
tax
rate.
This
is
the
lowest.
We
went
back
to
the
late
60s,
I
believe
a
few
weeks
ago.
This
is
the
lowest
we've
ever
had
on
record.
F
As
you're
all
aware,
the
action
you've
already
taken
is
to
set
the
maximum
tax
rate
at
93
cents.
2
cent
drop
with
the
evals
coming
in
a
little
bit
stronger
than
that
10.9
in
the
past,
we
are
proposing
to
reduce
it
by
another
penny
to
92
cents.
So
there
is
a
historical
precedent
for
us
having
to
propose
the
rate-
that's
before
you
on
march
9th.
F
So
this
is
a
kind
of
synopsis
of
you
know
not
just
the
real
estate,
but
other
things
that
are
on
the
table,
as
well
as
actions
that
you've
already
taken
that
come
into
effect
of
this
calendar
year.
As
I
said,
the
real
estate
rate
is
proposed
to
go
down
to
92
cents,
the
vehicle
registration
fee.
We
are
proposing
that
to
go
from
40
to
20,
and
mr
harris
will
talk
more
about
that
in
terms
of
how
that
impacts,
the
cip,
but
also
just
to
put
it
out
there
for
everyone
in
the
community.
F
As
a
reminder,
you
know
this
is
part
of
a
wide-ranging
tax
relief
program
that
you've
all
put
in
place
with
the
last
budget.
That's
come
into
effect
this
calendar
year
and
first
is
the
tax
relief
for
the
elderly
and
disabled
again
to
come
back
to
that
inflationary
point,
this
social
security
administration
adjusted
their
cost
of
living
by
just
about
six
percent.
F
You
all
amended
our
tax
brackets
for
the
first
time
in
over
a
decade
to
reflect
that
providing
some
financial
assistance
to
our
low-income
and
elderly,
disabled
citizens,
personal
property.
We
adjusted
the
threshold
on
our
pptra
from
a
thousand
dollars
to
1500
the
first
such
adjustment
since
1998
that
will
alleviate
that
bill
for
an
additional
fourteen
thousand
three
hundred
vehicles
within
the
community
and,
lastly,
the
people
we
raised
the
exemption
from
three
hundred
thousand
to
four
hundred
thousand.
F
That
now
means
that
two
thirds
of
businesses
located
within
the
county
are
exempt
from
this
tax,
as
well
as
it
gives
the
additional
businesses
that
do
pay
this
tax,
an
additional
hundred
thousand
dollar
tax
break,
and
then
this
is
kind
of
one
of
the
two
internal
metrics
that
we
track
and
we
look
at
every
year.
You
know
the
core
cpi,
that
strips
out
the
food
and
energy
inflation
looking
at
those
core
costs,
and
also
our
population
year-over-year
growth,
and
we
look
at
that
against
our
revaluation
rates.
F
F
That
did
go
a
little
bit
higher
than
what
we
would
typically
anticipate.
However,
with
the
92
cents,
it's
before
you,
as
well
as
the
vehicle
registration
fee,
which
is,
in
effect
another
penny
and
a
half
cut
on
the
real
estate
rate.
That
brings
it
right
back
in
line
to
that
seven
and
a
half
percent
that
we
are
seeing.
F
So
we
are
seeing
you
know
the
cost
of
doing
business
for
us
going
up,
as
you
will
hear
from
ms
brown
on
march
9th,
but
also
to
take
into
account
the
fact
that
you
know
our
population
increases
our
service
demand
levels
increase
as
well,
but
long
story
short.
We
have
brought
that
right
back
down
with
those
two.
It
brings
it
right
back
in
line
with
all
of
our
models
then.
Secondly,
one
of
the
other
ones
we
look
at
is
the
inflation
adjusted
per
capita
spending.
G
Back
up
and
look
at
that
again,
yes,
I'm
just
I'm
just
absorbing
this,
because
I
think
this
is
pretty
it
is-
is
really
good
information.
I
think
it
tells
a
story
to
our
citizens.
Looking
at
my
good
friend,
mr
holland,
who
who's
agreeing
with
me,
correct
that
I
mean
this,
the
ability
to
be
able
to
say
with
an
inflation-adjusted
per
capita
spending
is
a
story
right.
I
mean
this
really
tells
us.
B
G
E
G
I
would
like
to
see
something
equivalent
from
schools,
as
we
have
those
difficult
conversations
each
year,
both
in
trying
to
you
know
just
look
at
just
information
just
like
this,
so
that
we're
looking
at
folks
with
accountability
to
our
citizens
with
absolute
recognition
that
we
want
to
make
sure
that
we're
funding
appropriately,
whether
it
be
county
departments
or
you
know
that
we
still
consider
them
in
that
category,
and
so
looking
for
that
this
information,
I'm
assuming
does
not
include
school
spending.
Would
I
be
correct.
It.
H
As
if
I
can
interject
mrs
haley,
I
I
think
what
what
we
need
to
do
is
have
a
consistent
format
of
defining
the
formulas
by
which
the
chart
is
created.
I
mean
the
schools,
you
know
in
somewhat
of
their
defense,
there's,
there's
statewide
metrics
and
manners
of
how
they
have
to
report
out
in
in
student
costs
per
capita.
You
know
or
cost
per
student
enrollment
that
they
not
include
what
I
would
call
it
in
my
accounting
profession.
You
know
all
the
costs
that
that
are
really
taxpayer
funded.
H
You
know,
there's
debt
service,
there's
capital,
you
take
year-end
surpluses,
you
amend
budgets
that
lend
to
those
costs.
So
it's
not
in
the
beginning
budget,
if
you
will,
when
you've
done
amendments
during
the
year,
our
collaborative
services,
which
is
admired
by
many,
are
in
many
cases
given
to
him
gratis.
But
but
again
it's
it's
really
reflected
on
our
side
of
the
equation
and
these
blue
bars
are
costs.
H
Let's
say
a
school
liaison
committee
together
and
and
hear
the
school
and
and
show
what
the
schools
do
as
far
as
what
their
state
reporting
requirements
is
for
that
round,
peg
round
hole,
but
also
for
us,
then,
to
present
to
the
public
how
we
spend
the
taxpayers
dollars
in
these
types
of
bar
charts,
and
we
can
stack
these
bar
charts,
county
and
school
if
you
will
so
that
again,
we're
as
transparent
as
possible,
but
the
bottom
line
you're
you're
accurate
and
we're
very
mindful
of
it.
You
know
we
don't
we
don't
laser
focus
on.
H
G
Some
kind
of
similarity
from
the
school
side,
I
think,
would
be
much
appreciated
and
much
needed
and
I
think
from
school
liaison-
and
I
don't
want
to
speak
for
my
colleague
mr
engel,
but
I
know
we've
been
very
much
aligned
on
these
issues
as
we
always
enter
these
difficult
conversations
and
this
whole
board
does.
I
think
that
this
is
exactly
what
we're
asking
for,
so
I
I
will
rely.
G
E
Holland,
thank
you,
mr
chairman.
I
I
want
to
thank
you,
miss
haley
for
commenting
there
because
you're
absolutely
right.
It's
important
that
we
look
at
spending
per
capita
population
and
students
as
well,
and
we
look
at
both
and
compare
them
and
you're.
Absolutely
right.
As
I
see
it
back
to
1992
levels
is
where
we
are
in
inflation,
ingested
capital
spending
per
person,
and
if
you
look
at
it,
spending
has
been
really
controlled
quite
well
from
2010,
actually
2011,
specifically
2011.
E
When
I
recall
we
cut
our
county
budget,
almost
50
million
dollars
in
2011
right
now.
There
was
great
recession
from
2009
10
11..
I
think
we
cut
it
in
10
and
we
cut
the
tax
rate
by
two
cents
in
2008
the
year.
I
served
on
the
board
so
you're
absolutely
right,
and
this
is
important,
that
we
monitor
spending
not
only
counting
side
but
school
side
as
well,
so
that
we're
getting
the
very
best
from
each
dollar
we
spend
and
that
we
can
account
for
it.
E
E
F
Mr
hayes
will
be
before
you
on
march
9
to
talk
about
this
in
more
detail,
but
the
short
is
there
are
some
adjustments
to
the
water
and
sewer
rates,
but
below
the
inflationary
rate
and
the
average
bill
will
see
an
approximate
2.6
increase
then,
finally,
just
a
general
fund
summary.
I
won't
walk
through
every
single
line.
F
You
see
here
before
you,
but
the
primary
drivers
of
our
revenue
growth
this
year
are
a
real
estate
rate
and
personal
property
taxes
you're
aware,
especially
the
used
car
market
and
with
the
chip
shortages
over
the
last
18
months.
That
has
continued.
We
are
seeing
that
reflected
in
our
assessed
values
for
our
vehicles,
the
use
of
reserves
you're,
seeing
there
is
really
a
kind
of
one-time
draw
to
go
into
our
capital
improvement
program.
There
are
a
couple
of
large
expenditures
that
mr
harris
will
touch
on.
F
The
cip
presentation
has
been
funded
with
those
use
of
reserves.
As
mr
hill
pointed
out,
our
local
economy
in
terms
of
the
sales
tax
is
strong.
We
are
seeing
that
reflected
in
our
numbers
and
year
to
date
and
are
anticipating
that
in
our
fiscal
year
23
budget,
then.
Lastly,
just
to
talk
about
the
vehicle
registration
fee
again,
you
will
see
that
reduction,
reflected
in
that
very
last
line
compared
to
our
fiscal
year
22
budget
and
then
on
march
9th
we
have
the
roll
out
of
our
work
session.
F
I
E
I'm
trying
to
think
do
we
have
another
meeting
between
now
and
march
10th,
because
I
need
to
make
sure
we
announce
it
at
our
wreck.
We
do
have
another
meeting
budget,
okay
budget
work
session.
I
just
want
to
make
sure
we
have
another
time,
so
we
can
announce
the
location
and
time
of
it
so
that
as
many
citizens
would
like
to
know,
okay,
very
good.
Thank
you.