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Hillsville strives to make decisions having the least negative impact on citizens. This budget is based on departmental operations that are important, efficient, and necessary. Applications for funding to supplement programs and improvements are continually submitted to various organizations. The transfer that continues to be required from the General Fund is a result oft the loss occurring with the Enterprise Funds (water and wastewater). The wastewater losses are largely due to the lack of flow to an oversized treatment plant and the debt service associated with that construction. This loss was exasperated this year due to the loss ofParkdale Mills. Enterprise Funds are required to be self-supporting by debtholder Virginia Resource Authority. Therefore, an increase of water and wastewater rates recommended by Hurt & Profitt included in this proposal is mandatory. These proposed increases begin in 2025FY and Citizens continue to have some of the lowest rates in the region. Improvements to the processing plants, lines, and equipment will also aid in becoming self-supporting by increasing efficiency. Once self-supported, the Town ofHillsville can begin contributing to funded depreciation of equipment and greater investment in economic development. Previous rate studies were inaccurate due to the unforeseen pandemic, wage requirements in Virginia, The enclosed conservative proposed budget reflects a reduction in Retained Earnings by $410,558. Based on studies, implementing plans presented by Hurt & Profitt and Davenport will result in the enterprise funds breaking even and economic investment into the community  end in 2028FY.  AEP increases and other unexpected significant supply increases.  with a projected date ofFY2028. The existing tax rates are:  Meals Tax: 8% Transient Tax: 8% Real Estate Tax: $0.21/100  Personal Property and Machinery & Tools Tax: $0.72/100  Ifthe council desires to bridge the loss gap and invest in economic development immediately, cigarette tax administrated through the Mount Rogers Cigarette Tax Board would allow for  that opportunity now.    -   0o  44    0 O 6  88  9    00  00000  0o  00000  8 8  -    0  is 000  a n U  2 9 FN  0    1688  RAAESS  R35  > 5 0    000  85   16  E88    0  0000  0 00    5 856535 2 44  335    000  0 0  3m 00 88 0  D 8  3585      a  6 N6 H    I   000  009 35583 093        6  &  98888  i00        0    08  00        0  2    8