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Local governments pinched by declining revenue, climbing expenses

School and county Boards of Directors are struggling to balance budgets amid declining tax revenues, cuts in state funding, and rising expenses. What they choose to do could affect homeowners for years to come.

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Posted on Thursday, April 1, 2010 - 10:42pm

Virtual call center to hire 100 in Southwest Virginia

DirecTV is offering a work-at-home employment opportunity to 100 residents of Southwest Virginia. The virtual call center workers will earn $10 an hour plus benefits. One hundred new jobs will be a real boost for the local housing market. The money injected into the economy could be used to buy new homes or avert foreclosure for those homeowners near the brink.

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Posted on Wednesday, March 31, 2010 - 3:31pm

Local governments dig deep to balance their budgets

Local agencies -- from schools to cooperative extension offices -- are feeling the pinch as cities and counties work to balance their budgets. Homeowners will also feel the pinch, through higher taxes, fewer services, or both.

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Posted on Wednesday, March 31, 2010 - 3:07pm

Local governments do what it takes to balance budgets

Officials in cities and counties throughout Virginia are doing what they can to balance their budgets. Programs and jobs are being trimmed away, fees and taxes are rising, and stronger measures are being considered to bring tax scofflaws into compliance.

Read more in local news outlets....

 

Posted on Monday, March 29, 2010 - 3:49pm

Power Bills a Top Concern for Customers in Western Virginia

Power plantAccording to Delegate Ward Armstrong, rising electricity costs tops the list of concerns of his constituents. During the current General Assembly session he plans to introduce legislation to mitigate the impact being felt by families. According to the Dan River news, Appalachian Power increased its rates by 15.5% on December 12, 2009 and has proposed another rate hike that is pending approval by the State Corporation Commission. Howeowners throughout the state may see similar increases as well.

 

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Posted on Thursday, January 14, 2010 - 10:18am

State to Cut Spending for Hampton Roads' Again

The Virginian-Pilot recently reported that state funding to build, improve and repair roads for the Hampton Roads area has again been cut.

The Virginian-Pilot believes that the area is receiving less than its fair share when compared to the percentage that Northern Virginia receives.

Improvements in transportation is key for the Hampton Roads area for economic  and community development. The cut in budget may delay certain growth until the funds are budgeted to come through in a few years.

Homeowners in the area should be concerned because the inability to improve roads and tranpsortation can affect the marketability of certain communities, which will affect property values.

"Hampton Roads once again is getting less than its fair share of state funding to build and improve roads, a transportation official said Tuesday.

The state's proposed revisions to the six-year road-building plan are 'a severe blow in tough financial times when we need the help the most,' said Dwight Farmer, executive director of the Hampton Roads Transportation Planning Organization.

Many improvements to local highways have been slashed over the past year and a half as the Virginia Department of Transportation cut $4.6 billion out of the road-building budget. In this most recent round, funding is set to be eliminated for widening Interstate 64 on the Peninsula and improving the I- 64/I-264 interchange.

Farmer outlined 'issues of great concern' in a letter presented at a public hearing Tuesday night in Richmond. He noted that while the state is proposing an overall increase of about 3 percent in the fiscal year 2010 budget for road construction, Hampton Roads' share would decrease by 13 percent.

Hampton Roads is the only area in the state that would have a reduction, Farmer said. Northern Virginia would see a 5 percent boost in funding.

In addition, the region would get no interstate funds in 2011, which Farmer said is unprecedented. In that same year, Northern Virginia would get $225 million, or 93.2 percent of the state's interstate money.

Farmer said Hampton Roads' funding outlook improves in 2015 with nearly $100 million in interstate allocations. But the six-year plans are revised regularly, and Farmer wrote that he has 'no confidence that the strategy would hold for the long term.'

Over the six years, Hampton Roads would get 15.3 percent of interstate funds and Northern Virginia would get 66.5 percent. The remaining 18.2 percent would go to the rest of the state."

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Posted on Wednesday, December 2, 2009 - 3:34pm

Hampton Roads Home Sales Up 28 Percent Over Last October

Great news for Hampton Roads residents. The housing market continues to improve, according to The Virginian-Pilot, as October's numbers show to be greater than September's and October 2008.

Much of the rebound has come from first-time home buyers taking advantage of the $8,000 tax-credit, which will hopefully continue because of the recent extension of the tax-credit until April 2010.

Also, the extension of the tax-credit includes higher-incomes and an option for current homeowners to "move up". These qualities will hopefully help move more valuable houses on and off the market that first-time homebuyers could not purchase.

"First-time buyers rushing to take advantage of the now-extended federal tax credit continued to drive home sales in Hampton Roads in October, according to a report released Monday.

Last month, sales volume was up 2.3 percent over September and 28.1 percent over October 2008, according to Real Estate Information Network Inc. The Virginia Beach-based multiple listing service reported 1,107 homes in the region sold in October, compared with 864 a year ago.

October's was the biggest year-over-year gain for 2009, and it was the fifth month of such increases since home-sales volume turned positive in June. The rebound in home sales stands in stark contrast to the homes market a year ago, when sales were plummeting amid deteriorating economic conditions.

The federal tax credit for first-time homebuyers has buoyed sales across the country. Congress recently extended the $8,000 tax credit, originally scheduled to expire this month, through April and expanded the credit to include $6,500 for home-owners who have lived in their home for at least five years and want to buy a replacement primary residence.

'The tax credit, no question about it, has had a positive impact on the market,' said Ron Pearman, regional vice president for Long & Foster Real Estate. Of a sampling of homes that closed last month with Long & Foster, 70 percent were first-time buyers, Pearman said.

Other local brokers said Monday that the tax credit has accounted for as much as half of their recent sales."

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Posted on Tuesday, November 17, 2009 - 5:52pm

Over 1,100 Jobs Are Lost in Isle of Wight As Paper Mill Closes

A major employer in Isle of Wight will be closing next spring, according to the Richmond Times-Dispatch.

The mills’ employees account for nearly 4 percent of the total labor force of city of Franklin and the counties of Isle of Wight and Southhampton.

Gov. Timothy M. Kaine said the Virginia Employment Commission would send a crisis team to Franklin soon to help International Paper employees and their facilities.

Based on 2008 tax assessments and rates it paid Isle of Wight county roughly $5.5 million in machinery and tools taxes and more than $900,000 in property taxes.

This is unfortunate news for area homeowners. Besides seeing an increase in unemployment, increasing residential property taxes could become a possibility to make up for the lack of taxes being paid by International Paper. Homeowners should be aware of this situation, and encourage county officials to seek state and federal help if necessary.

"International Paper will close its mill in Isle of Wight County, putting 1,100 people out of work.

The company expects to close the mill, long an economic mainstay of southeast Virginia, in spring 2010.

'We have concluded that we have excess capacity in our North American paper and packaging business business,' said John Faraci, chairman and chief executive of the Memphis-based company, said today in announcing several closures."

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Posted on Tuesday, October 27, 2009 - 3:34pm

SPSA to Consider Company's Buyout Bid

Southeaster Public Service Authority (SPSA) voted to review and consider a New York company's proposal to purchase the agency for $243 million, according to the Tidewater News.

The board is also considering a proposal from ReEnergy Holdings.

SPSA has become a sorespot for many area residents who are not happy with fees, services, suspected tipping fees and deals made with past board members. Homeowners need to join the conversation about the potential sale of the agency, especially to an out-of-state company, to ensure their rights are protected.

"The Board of Directors of the Southeastern Public Service Authority voted unanimously Wednesday to review and consider a New York company's proposal to purchase all of the garbage agencys assets for $243 million.

The board also agreed to post the proposal of ReEnergy Holdings LLC online and to receive public comments and competitive bids for the next 45 days.

'We are very pleased that the board has voted to post our proposal,' said Larry Richardson, the principal and executive officer for ReEnergy. 'This allows us to address all of the questions that were posed by the board and also in the comment letters that were submitted' by member localities.

Wednesday's vote stipulated, however, that the move not be misconstrued as an attempt to derail a competing offer for the authority's waste-to-energy incinerator and facilities in Portsmouth."

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Posted on Thursday, October 8, 2009 - 3:32pm

Sales of Existing Homes Rise in South Hampton Roads

For the third consecutive month, home sales volume inched higher than the same month last year, according to a recent story in The Virginian-Pilot.

In South Hampton Roads there are a few signs that the local housing market is improving. A driving force behind the improved numbers is first-time home buyers taking advantage of the $8,000 federal tax credit. Also, investors are snapping up foreclosed properties with plans of renovating them.

This is great news for homeowners in South Hampton Roads, because as the market improves their home value is also increase.

"First-time home buyers and investors continued to drive sales of existing homes in South Hampton Roads last month.

Real Estate Information Network Inc. released data showing that 1,043 homes in the region sold in August. Although it fell 15.6 percent from July, the sales activity last month was 1 percent higher than the 1,033 homes that sold in August 2008, the Virginia Beach-based multiple listing service said.

It is the third consecutive month that sales volume inched higher than the same month last year, suggesting the local housing market might have reached a bottom. June was the first month with a year-over-year volume increase since January 2007.

'I think people are aware of the tax credit and aware of the low interest rates,' said Dick Thurmond, president of William E. Wood and Associates. 'So people are thinking they need to make a move now to take advantage of that.'

Any first-time home buyer or any buyer who has not owned a principal residence for three years is eligible for an $8,000 federal tax credit. Thurmond said he expects the credit to encourage many more buyers to enter the market before the incentive expires Dec. 1."

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Posted on Wednesday, September 23, 2009 - 6:47am