Be In The Know
Five-Year Forecast Gives First Look at Upcoming Budget Needs
Virginia Beach City Council and School Board received data to begin thinking about policy decisions needed for FY 2024-25.
Budgeting is a year-round process for the City of Virginia Beach, which operates on a fiscal year of July 1 to June 30. Each year in the fall, Budget and Management Services provide estimates of revenue from all major general revenue sources, and departments prepare their resource requests. In addition, information is gathered from outside sources such as the Bureau of Labor Statistics and multiple agencies of the Commonwealth of Virginia to prepare forecasts.
Last week, the City Council and the School Board received the Five-Year Forecast, a budget document that compiles the best data available for budget decisions. It gives a first look at the City’s overall financial position, so that policy discussions can begin. In December, council members will have an opportunity to continue to review this information, along with the governor’s proposed budget. Revenue from the Commonwealth provides nearly half of the school’s operating budget.
Next Steps in the Budget Process
Leading up to the public hearings for the City’s budget in April and final adoption in May, the budget process follows this timeline:
- February: The City Council and the public receive the annual report of real estate assessments, and the Department of Budget and Management Services uses it to update the school funding formula to provide to Virginia Beach City Public Schools. VBCPS hold workshops and public hearings before the budget is adopted by the School Board.
- March: The Schools’ budget request is approved by the School Board in early March, and the city manager presents the proposed operating budget to City Council on the third Tuesday of March.
- April: State Code requires the city manager to present a proposed operating budget by April 1 each year. City Council hears from individual department directors. The proposed budget is available for the residents to view at public libraries, City Hall, and online at budget.virginiabeach.gov. Two public hearings provide residents an opportunity to comment on the proposed budget.
- May: The reconciliation workshop is a week before the state-mandated deadline of May 15 for the budget to be adopted.
Learn more by visiting budget.virginiabeach.gov. Watch the City Council meetings and be prepared to provide your input on the proposed budget in April. Subscribe now to get updates on the City’s budget process and how you can provide your input before major decisions are made.
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