Difference between revisions of "Revenue Sharing Agreement"
(New page: ==Background== '''This description of the revenue sharing agreement between the City of Charlottesville and Albemarle County appears in Albemarle's annual budget.'''<ref>Albemarle County. ...)
|Line 11:||Line 11:|
Revision as of 19:38, 5 May 2009
This description of the revenue sharing agreement between the City of Charlottesville and Albemarle County appears in Albemarle's annual budget.
An Annexation and Revenue Sharing Agreement dated February 17, 1982, between the County of Albemarle and the City of Charlottesville was approved in a public referendum on May 18, 1982. The agreement required the County and the City to annually contribute portions of their respective real property tax bases and revenues to a Revenue and Economic Growth Sharing Fund. Distribution of the fund and the resulting net transfer of funds will be made on each January 31 while this agreement remains in effect.
During the time this agreement is in effect, the City will not initiate any annexation procedures against the County. Also, pursuant to this agreement, a committee was created to study the desirability of combining the governments and the services currently provided. The agreement became effective on July 1, 1982 and remains in effect until:
- The County and City are consolidated into a single political subdivision; or
- The concept for independent cities presently existing in Virginia is altered by the State law in such a manner that real property in the City becomes part of the County’s tax base; or
- The County and City mutually agree to cancel or change the agreement.
Charlottesville Tomorrow's News Center
- Albemarle County. County Executive. FY 09/10 RECOMMENDED OPERATING BUDGET. 18 Feb 2009. 5 May 2009 <http://www.albemarle.org/upload/images/forms_center/departments/budget/forms/FY10_Recommended_O_Non_Departmental.pdf>.