Town of Blacksburg

trend and anticipate annual increases of approximately 5%. Increasing consumer costs are partially driving revenue growth in areas such as meals and lodging. Population growth is also contributing to increases in Meals Tax revenue, which is anticipated to increase 5.5% annually. Additional events and visitor activity support moderate growth in lodging tax revenue, projected to grow 4% annually. Growth in real estate tax revenue reflects a property reassessment and a revenue increase equivalent to two cents on the real estate tax rate in the later years of the projections. Additional revenue sources in the General Fund are projected to increase modestly, reflecting historical trends and economic conditions. The revenues projected support the capital projects presented in this CIP. Projections and projects will be modified in future years based on changes in economic conditions. Projected expenditures include operating expenditures, which account for the cost of personnel and resources needed to provide services to the community, non-bonded capital projects, transfers to the VDOT Revenue Sharing fund for the Town's local match, and debt service. Operating expenditures are projected to increase 3% annually. The increase in debt service reflects the $37.3 million of projects proposed in this CIP.

Town of Blacksburg

12

FY 2027-2031 Adopted