Isle of Wight County Administrator Randy Keaton will present his proposed 2025-26 budget to the Board of Supervisors on April 1, five days after the supervisors and School Board meet jointly on March 27 to discuss Isle of Wight County Schools’ funding request.

Keaton’s budget is due to be released to the public via the county’s website by April 3, according to the county’s tentative budget calendar.

IWCS is seeking a $6.8 million, or 20%, increase in local funding for the 2025-26 school year. In 2024, the supervisors voted to “lump sum” fund IWCS $33.2 million, which the School Board was tasked with allocating as needed. Superintendent Dr. Theo Cramer’s proposed $103 million 2025-26 budget requests $40 million from the county. The School Board, which held its public hearing on Cramer’s budget proposal on March 6, expects to vote on its final budget by March 18.

The supervisors are scheduled to hold their own hearing on Keaton’s budget proposal on April 17 and to vote on a final budget on May 15.

The 2024-25 budget adopted last year totaled $107.6 million and included a 2-cent increase in the county’s real estate tax, from 71 cents per $100 in assessed value to the current 73-cent rate. In addition to the $33.2 million for school operating costs, it included $14 million for one-time capital projects, $9.5 million tied to the school system. The bulk of the school-related capital improvements funding was tied to the replacement of Carrollton Elementary’s heating, ventilation and air-conditioning system, which per a bid the School Board accepted in January is estimated to cost just under $5.7 million with the work beginning this spring.

 

What about the car tax?

Isle of Wight County Commissioner of the Revenue Gerald Gwaltney isn’t proposing any changes to the county’s car tax rate.

Gwaltney recommended on March 6 that the rate remain at $4.50 per $100 in assessed value, and that the state-funded car tax rebate stay at 33%. Since 2006, the county has received $5.1 million from the state annually to provide its residents with car tax relief, with the total number of registered cars in the county determining how far that money goes per person. Two years ago, the county was able to provide a 37% rebate.

Isle of Wight County supervisors are schedule to hold a pubic hearing on the car tax rate at their March 20 meeting to allow the mailing of car tax bills due June 5. The rest of the county’s tax rates for the 2025-26 fiscal year will be decided during this year’s budget process.

A bill backed by Gov. Glenn Youngkin proposing a car tax credit of up to $150 for Virginians earning less than $50,000, or up to $300 for married households earning less than $100,000, died in a Senate committee this year.