Council adopts budget
In a brief meeting, Farmville’s Town Council adopted its $23.4 million 2020-2021 budget Thursday, June 18.
During the meeting Jamie Davis, chairman of the finance committee said, “there are no tax increases in this budget.”
The budget which is $5.3 million less than last fiscal year’s budget includes a real estate tax rate of 12 cents per $100 of assessed value, a personal property tax rate (business only) of $1.50 per $100 of assessed value and a 27 cent per pack cigarette tax rate.
According to Town Manager Scott Davis the town reduced certain revenues and expenditures by 12%.
The current COVID-19 pandemic and the resulting closures of businesses and restaurants that have taken place is expected to cause a revenue shortfall for the town.
The top four revenue streams for the town most affected by the COVID-19 pandemic are prepared meals tax, lodging tax, business licenses fees, and sales tax.