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Prince William County Forecasts Major Budget Shortfall
posted 8:40 am Fri October 31, 2008
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Manassas, Va. - Because of a predicted 30 percent decrease in home values, Prince William County (web|news) is looking at $190 million shortfall in school and county spending in the coming budget year.
Despite a frenzy of home buying there, foreclosures and dropping prices keep the county in trouble. The housing market in the country is not likely to recover until 2013.
Prince William officials must also deal with reductions in sales tax receipts, which have fallen each month for five straight months this year compared with the same time last year.
The Board of Supervisors will grapple with these issues Friday at its fiscal retreat.
Despite a frenzy of home buying there, foreclosures and dropping prices keep the county in trouble. The housing market in the country is not likely to recover until 2013.
Prince William officials must also deal with reductions in sales tax receipts, which have fallen each month for five straight months this year compared with the same time last year.
The Board of Supervisors will grapple with these issues Friday at its fiscal retreat.
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