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• RESOLUTION ADOPTING THE BUDGET FOR THE <br />CITY OF CHARLOTTESVILLE FOR THE FISCAL YEAR <br />BEGINNING JULY 1, 2007, AND ENDING JUNE 30, 2008 <br />AND PROVIDING FOR THE ANNUAL APPROPRIATION OF FUNDS <br />FOR SUCH FISCAL YEAR. <br />I. ADOPTION OF BUDGET <br />WHEREAS, pursuant to Section 19 of the City Charter and Section 15.2-2503 of <br />the Code of Virginia, the City Manager has caused to be prepared and presented to City <br />Council a proposed budget for the fiscal year beginning July 1, 2007, and ending June <br />30, 2008; and <br />WHEREAS, a synopsis of such proposed budget has been published in the Daily <br />Pro ress, a newspaper of general circulation in the City, and notice duly given in such <br />newspaper and public hearings held thereon on March 19, 2007 and April 2, 2007, and <br />the estimates of revenues and expenditures therein debated and adjusted by City Council <br />in open public meetings, all as required by the City Charter and Section 15.2-2506 of the <br />Code of Virginia. <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />• Charlottesville that such document, the statements of fiscal policy set forth therein, and <br />the estimates of revenues and expenditures therein proposed by the City Manager and <br />debated and adjusted by the City Council, are hereby adopted as the annual budget of the <br />City of Charlottesville, for informative and fiscal planning purposes only, for the fiscal <br />year beginning July 1, 2007, and ending June 30, 2008; and that a true and correct copy <br />of the same, as adopted, shall be kept on file in the records of the Clerk of the Council. <br />II. GENERAL FUND APPROPRIATIONS <br />BE IT RESOLVED by the Council of the City of Charlottesville that: <br />A. The sums hereinafter set forth are estimated as General Fund revenues for the <br />fiscal year beginning July 1, 2007. <br />Local Taxes <br />Real Estate Taxes <br />$47,655,000 <br />Personal Property Tax <br />6,301,000 <br />Public Service Corporation Tax <br />1,119,900 <br />Penalty/ Interest on Delinquent Taxes <br />350,000 <br />Utility Taxes (City Utilities and Electric) <br />4,863,822 <br />Virginia Communications Sales and Use Tax <br />2,261,440 <br />Tax on Bank Stock <br />500,000 <br />• Tax on Wills and Deeds <br />550,000 <br />