Revenue Sharing Agreement

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Background

This description of the revenue sharing agreement between the City of Charlottesville and Albemarle County appears in Albemarle's annual budget.[1]

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.

Financial Information

"Revenue Sharing with the City of Charlottesville: In FY 09/10, the County will pay $18,038,878 to the City of Charlottesville in fulfillment of the revenue sharing agreement provisions, an increase of $4.4 million over the FY 08/09 payment. This payment is at the agreed-upon cap of 10% of the total assessed property values based on the 2007 calendar year."[2]

Recent News

Charlottesville Tomorrow's News Center

All stories by Charlottesville Tomorrow on revenue sharing

Notes

  1. Albemarle County. County Executive. FY 09/10 RECOMMENDED OPERATING BUDGET. 18 Feb 2009. 5 May 2009: 173 <http://www.albemarle.org/upload/images/forms_center/departments/budget/forms/FY10_Recommended_O_Non_Departmental.pdf>.
  2. Albemarle County. County Executive. FY 09/10 RECOMMENDED OPERATING BUDGET. 18 Feb 2009. 5 May 2009: 173 <http://www.albemarle.org/upload/images/forms_center/departments/budget/forms/FY10_Recommended_O_Non_Departmental.pdf>.