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Martinsville City Schools budget slimmer than last year's

The Martinsville School Board has passed a $20.1 million budget for next year. That's about $3.5 million less than the current budget. The spending plan calls for 52 positions to be cut, and 31 people will lose their jobs.

School budgets are of interest to homeowners because they directly impact property tax levels. They can also indirectly affect property values -- homes in school districts with good reputations are sought after by young families.

Read more in the Martinsville Bulletin....

Posted on Tuesday, May 18, 2010 - 1:00pm

Stanley Furniture to halt production in Martinsville and Henry County

Some 530 workers in Martinsville and Henry County will lose their jobs before the end of the year, when Stanley Furniture Co. halts furniture production in Virginia. The production lines will move to factories in Southeast Asia.

The job cuts will be "permanent but not immediate," said Glenn Prillaman, Stanley's president and CEO.

An increase in area unemployment can have a negative impact on property values, as homeowners struggle to pay mortgages or are forced to sell their homes to make ends meet.

Faneuil Inc. to establish call center in Martinsville

Officials in Martinsville have announced that Faneuil Inc. will establish a call center in the city. The company expects to create 80 jobs by August, and as many as 250 jobs over the next few years.

Martinsville currently has the highest unemployment rate in Virginia -- in March, it stood at 22%. An increase in local job opportunities will help to stabilize the city's housing market by allowing people to pay their mortgages and stay in their homes.

Proposed Martinsville budget would raise utility rates, leave taxes unchanged

Martinsville's City Manager presented a budget to Martinsville City Council that calls for customers to pay more for water and electricity in fiscal 2011. Tax rates would be unchanged.

Under the proposed budget, homes and businesses in the city will pay about 17% more for water,and non-residents who purchase water from the city will pay 2.6% more. Electricity customers would pay $6.80 more per 1,000 kilowatt hours, raising their rates from from $98.80 to $105.60, per 1,000 kilowatt hours. All told, an average city household would pay $10.19 more for utility services per month.

The budget proposal includes $5,826,394 for the city schools -- $612,857 less than the schools were given for the current fiscal year and $1.1 million less than they requested for fiscal 2011.

Read more in the Martinsville Bulletin....

Posted on Thursday, April 22, 2010 - 3:18pm

Virginia unemployment rate lower than national average

The Virginia Employment Commission has released a report detailing employment statistics across the Commonwealth. Experts say that the job market has a direct impact on the housing market -- good jobs allow homeowners to pay the mortgage and stay in their homes. Poor job markets can lead to declining property values.

Virginia’s unemployment rate was 7.7% in February, lower than the national rate of 10.4%.

Budget pain felt across Virginia

Budget negotiations are wrapping up across Virginia. Local governments had stark choices: raise taxes, cut services, or lay off employees.

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.

Local officials struggle to save jobs, programs while balancing budgets

County and city governments across Virginia are grappling with budget shortfalls made worse by declining support from the commonwealth. The choices they make -- to cut programs or raise property taxes -- affect homeowners' bottom lines in a tough economy.

Unemployment remains high across Virginia

Unemployment rates in Virginia are still high -- bad news for the housing market, which has been slow and appears likely to remain so until people who want work can find it. Virginia homeowners have collectively seen billions in equity wiped out in this recession, and experts agree the market won't fully recover until jobless rate subsides. Read more below....

7,100 jobs lost in area in January (Richmond Times-Dispatch)
Area unemployment rises, following yearly trend (The Staunton News Leader)
Valley unemployment rate jumps to 8.6 percent (Northern Virginia Daily)
Local jobless rate soars (The Culpeper Star-Exponent)
Region's jobless rate jumps to 8% in January (The Daily Press)
City jobless rate at 21.6 percent (Martinsville Bulletin)
City unemployment rates jumps to 2-decade high (The Charlottesville Daily Progress)

Posted on Friday, March 19, 2010 - 10:34am

School districts across the commonwealth consider their options

School boards and the officials that report to them are rolling up their sleeves in preparation for battles and tough decisions. The state budget, passed on Sunday, included $253 million in cuts to public education. School districts now must decide where those cuts will be felt.

Read more about how local districts are handling the pinch....