Surry’s draft 2023-24 budget proposes leaving the county’s real estate tax rate as is despite a projected increase in revenue from this year’s assessed property values.

Surry County supervisors adopted a real estate tax rate of 72 cents per $100 of assessed value last year, down from 77 cents in 2021. This year, County Administrator Melissa Rollins is proposing to leave the 72-cent rate unchanged.

County staff projected receiving $105,000 per penny of the 72-cent rate last year. This year, the estimated revenue per penny under the same rate has risen 7% to $112,514.

Public service corporation taxes, largely from Dominion Energy’s Surry nuclear power plant, will account for roughly 53% of the county’s total budget in the coming fiscal year, which starts July 1. Last year, the county projected receiving $216,000 in public service corporation taxes per penny of the 72-cent rate. This year, the estimated revenue per penny has risen roughly 1.8% to $219,972.

Among the county’s stated priorities for the 2023-24 budget is to continue building a “revenue stabilization fund” to “provide a buffer for fluctuations in public service corporation revenue.” Surry had raised its real estate tax rate from 71 cents to 77 cents in 2021 to adjust for a $710,000 reduction in public service corporation taxes.

Rollins’ proposed $65.2 million budget includes $31.3 million for the county’s general fund.

The general fund includes roughly $13 million, or 41.5% of its total budget, for Surry County Public Schools. The amount would fully fund the $209,895, or 1.63%, increase the School Board has requested of the county.

Included in Surry County Public Schools’ adopted $17.9 million budget, which includes local, state and federal funding, is money to provide 5% raises mandated in the state’s biennial 2022-24 budget for school employees.

The county’s proposed budget includes a 5% cost-of-living increase for county staff.

Capital projects budgeted for the 2023-24 fiscal year total $9.6 million.

The supervisors have scheduled public hearings on the county’s proposed tax rates and budget for 7 p.m. and 7:30 p.m., respectively. The supervisors are slated to vote on a final budget May 18.