A public hearing on Martinsville’s budget is scheduled for 7 p.m. Monday at the city’s Municipal Building.
Residents will have the chance to sound off on the proposed budget for the 2025-2026 fiscal year, which will begin on July 1.
Residents can access the budget via a portal on the city’s website.
The more than 200-page document provides a snapshot of the city in the upcoming fiscal year. Martinsville’s population of 13,834 represents the fourth consecutive year of growth, and a $42,434 median household income represents an $8,000 increase since 2019.
The homeownership rate is at 56.7%. The budget describes Martinsville’s workforce as “well-educated” and “skilled.”
The city’s spending habits provide insight into the city officials’ priorities.
“It also explains the policies and assumptions that guide the allocation of resources to departments and programs that serve the Martinsville community,” reads a portion of the budget message.
The majority of the city-funded offices and programs are divided into categories. These include general government, economic development, public safety, public utilities and infrastructure, constitutional and state-appointed offices, courts, and schools.
These categories are meant to reflect the organization of the myriad services the city offers to its residents.
“The general fund is the primary funding source for most departments and supports general government operations,” reads part of the budget message.
The proposed budget marks the second in a row that the city did not have to draw from its reserves to balance the general fund. The proposed general fund is currently at $37.78 million, a decrease of 0.83% compared to the current fiscal year.
At 22%, property taxes make up the general fund’s second-highest revenue source. Sales and other taxes make up the largest portion, at 24%.
Public safety, which is police, fire and emergency services, is among the general fund’s highest expenditures, at 23%.
Under the current schedule, councilors are expected to approve the budget during their May 20 meeting. Prior to that, councilors are also expected to hold a regular session on Tuesday.
