JCC Anticipates $1.17 Million in Additional Tax Revenue This Year

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This chart shows projected revenue from real estate property taxes and includes a significant jump between FY 2015 and FY 2016, due primarily to the tax increase. (JCC)
This chart shows projected revenue from real estate property taxes and includes a significant jump between fiscals 2015 and 2016, due primarily to the tax increase. (Courtesy of James City County)

James City County is anticipating revenue to exceed budget projections in fiscal 2016 by more than $1 million.

During the county Board of Supervisors’ budget retreat Jan. 23, Sue Mellen, the county’s director of financial and management services, said the general fund estimate for fiscal 2016, which ends June 30, is $188,135,920 – about $1,171,920 higher than the approved budget.

More than $550,000 could come from additional tax revenue: $250,000 from sales tax, $150,000 from the transit occupancy tax and $150,000 from the meals tax, Mellen said.

Additionally, the recordation tax, which is associated with recording real estate contracts, is “tracking high,” Mellen said.

In fiscal 2015 taxes on real estate; personal property; meals; and Business, Professional and Occupational licenses came in higher than projected, totaling about $1.25 million in additional revenue.

However, only $391,075 was recorded as a revenue variance, as the county anticipates a “one-time bump” in revenue from delinquent tax bills that were not sent at the end of the year.

If the fiscal 2016 revenue projection comes to fruition, County Administrator Bryan Hill said the additional revenue would go toward reducing fund balance transfers from fiscal 2016.

Real estate assessments are also trending positively for the county in fiscla 2016, with current residential reassessments estimated to be 0.15 percent on average and current commercial reassessments estimated to be 2 percent on average.