Williamsburg city council members held a retreat Friday to review a budget proposal that would cost just shy of $121 million, a 17% increase over the current budget, for both operating and capital building expenses.
The preliminary budget they saw includes a wish list for more employees and capital spending on a new library and modernizing the water system. It was not a final budget proposal.
City Manager Andrew O. Trivette told the council the city’s projected revenue would be enough to cover the cost, without increasing the current property tax rate. But growing property assessments will still push up the taxes homeowners pay by $1 million.
The city’s real estate tax rate of 62 cents per $100 of assessed value is the lowest in the region and one of the lowest in Virginia.
“That’s not a lot of money in terms of offsetting the spending increases,” Trivette said. He said most homeowners will pay between $25 an…