Wednesday, December 7, 2022

Newport News Anticipates A $5.5 Million Budget Surplus

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NEWPORT NEWS—Based on third-quarter projections, the City of Newport News is expecting a $5.5 million surplus at the end of the current fiscal year.

The budget, which was created at the height of the covid-19 pandemic, took into account potential tax revenue reductions as a result of the pandemic since residents were staying at home instead of boosting sales at retail shops and restaurants. Many government operations, such as the courts, were also closed during the pandemic, reducing revenues collected from fines and court fees.

To adjust, the City invoked a hiring freeze, put several projects on hold, put restrictions on internal departments, and saved money on fuel and travel expenditures. The resulting surplus of money is expected to go toward building the workforce through new hires and resuming projects that were previously frozen.

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