By Debbie Hall
The Patrick County Board of Supervisors will get a first glimpse of the proposed spending plan and proposed tax hike at their meeting on Monday, March 11.
The board also will establish a tax rate and set the required public hearing, according to the agenda.
“There is going to have to be some type of tax increase, but we will keep it as fair and equitable as we can to the citizens of the county,” Rickie Fulcher, chairman, said.
Fulcher also serves on the budget committee along with Jane Scales Fulk of the Dan River District, county staff and a representative of Davenport & Company, LLC, which reviewed the county’s finances.
“Everybody that I have talked to knows there will be a tax increase” based on the county’s recent financial problems that included a depleted contingency fund and the decision to obtain a Revenue Anticipation Note, or RAN, to help meet expenses, Fulcher said.
While the county has not needed to use the proceeds from the note to meet its expenses, the terms required the county to draw down $50,000, according to previous reports. The county is earning interest on those funds, he said.
The note must be satisfied…