County Manager John Vithoulkas and Superintendent Amy Cashwell today gave the news media a preview of Henrico County’s proposed budget for fiscal 2022-23. Highlights of the $1.06 billion plan, which will be presented to the Board of Supervisors on Tuesday, include:
- A 2-cent reduction to the real estate tax rate (from 87 cents to 85 cents per $100 of assessed value)
- An expansion of the Real Estate Advantage Program, which provides real estate tax relief to qualifying residents who are age 65 and older
- A 5% pay raise for employees to help Henrico remain the region’s pay leader
- Full funding for the School Board’s approved budget for Henrico County Public Schools, $602.7 million
- 20 additional police officers, which are part of a plan that will add 50 officers over the next four years
- $20 million to begin planning capital projects that will be included in a $511.4 million bond referendum slated for the Nov. 8 ballot. The bond referendum will propose $340.5 million for education projects; $83.9 million for firehouse and public safety projects; $37 million for recreation and parks projects; and $50 million for drainage and flood mitigation projects
- A new, lower personal property tax rate on biotechnology equipment of 90 cents per $100 of assessed value. The rate, a reduction from the general personal property tax rate of $3.50, will be the lowest among Virginia localities and will help Henrico attract and retain “wet labs” and other biotechnology companies
- $750,000 for the new Henrico Investment Program, which will provide targeted incentives for investment in certain commercial corridors.
During the presentation, Vithoulkas gave Cashwell a high-five and thanked her and the School Board for being great partners with the county administration and Board of Supervisors. He said the proposed budget will continue to make Henrico a great place to live and will deliver dividends for students, residents and businesses.
“Really, what we’re talking about is the future of our locality and the future of our schools,” Vithoulkas said.