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Appalachian Power Co. asks for 12.8% increase, commission recommends 3%

Appalachian Power Co. wants to raise rates a whopping 12.8%. If the rate hike is permitted, a customer currently paying $105 per month would instead owe $118.44. The State Corporation Commission is recommending that commissioners consider limiting the rate increase to 3%.

Appalachian's 2009 profit from its full service territory, including parts of Virginia, West Virginia, and Tennessee, totaled $155.81 million.

Read more at The Roanoke Times-Dispatch...

Posted on Saturday, March 13, 2010 - 9:51am

Virginia legislature unlikely to adjourn on time

The Virginia legislature will likely not adjourn tomorrow as scheduled. Members of the House and Senate continue to negotiate in an effort to find common ground on fee increases and proposed cuts to K-12 education.

Real estate taxes to rise in Fairfax, Falls Church

City managers in Fairfax and Falls Church are proposing real estate tax hikes. The hikes are to make up revenue lost from dropping residential and commercial property assessments.

Falls Church proposed a 20-cent increase in its tax rate, from $1.07 to $1.27 per $100 of assessed value. Fairfax City is considering an increase of 8.5 cents, from 88 cents to 96.5 cents per $100 of assessed value.

Falls Church is set to adopt its budget April 26, and Fairfax will vote on its budget April 29.

Foreclosure filings in Virginia dropped 15.9% in February

According to RealtyTrac's February market report, Virginia's foreclosure filings dropped 15.9% in February from January, and 8.7% from the same month a year ago. Filings include notices of default, auctions, and foreclosu res.

Nationally, filings fell 2% in February from January and gained 6% over filings in February 2009.

Read more at The Richmond Times-Dispatch...

Posted on Thursday, March 11, 2010 - 2:01pm

Virginia counties listed in Forbes' "richest" list

Forbes has released a list of the richest counties in the United States, and Loudoun County is at the top, with a median income of $110,643. Other Virginia counties that landed in the top 25 include Fairfax County, Arlington County, Stafford County, and Prince William County.

See the full list here...

Posted on Wednesday, March 10, 2010 - 4:39pm

School budgets a thorny issue throughout Virginia

Just about every school district in the Commonwealth is struggling with budget cuts -- a process of great interest to homeowners, whose taxes pay for programs. Maintaining quality education for district children while keeping taxes reasonable is even more challenging than usual because of cuts in state funding.

Read below to learn how districts are meeting the challenge.

Senate approves charter, virtual schools bills (Associated Press)

Va. Senate passes governor's plan to expand charter schools (The Washington Post)

Governor's School faces shaky future (The Roanoke Times)

Roanoke Schools may sue the state (The Roanoke Times)

Gloucester School Board weighs "redesign" of elementary school as cost-cutting move (Daily Press)

Newport News schools' budget shrinks $20 million, may get smaller (Daily Press)

York County sch ools budget on hold while General Assembly talks money (Daily Press)

Salem schools explore options (The Roanoke Times)

Manassas Park ponders school budget cuts (News & Messenger)

District hoping to slip big cuts (Waynesboro News Virginian)

Posted on Wednesday, March 10, 2010 - 3:21pm

State budget negotiations continue

The House and Senate continue to wrangle over the budget. Areas of disagreement court fees, education cuts, and how much money the Commonwealth has to work with. Read the news and opinion articles below for a full picture:

Assembly budget negotiator s at odds amid grim tax report (Richmond Times-Dispatch)

Senate trims fees slightly in budget overture (The Associated Press)

Budget negotiators don't have a deal yet (The Free-Lance Star)

Bolling Enters Debate over taxes and fees in Virginia (The Washington Post)

Cuccinelli asked if proposed fees would violate Virginia Constitution (The Washington Post)

Va. budget plan would shrink general spending to 2006 levels (The Washington Post)

Negotiators still divided on budget issues (The Virginian-Pilot)

Posted on Wednesday, March 10, 2010 - 12:32pm

Technology helps citizens participate in government

Local governments and school districts are turning to technology in an effort to keep citizens abreast of issues and to gather their input. Their efforts have been largely successful, with localities noting greater participation via email and the Web than had been the norm at traditional meetings. Homeowners benefit by having their voices heard early in budget processes, rather than only at the polls.

Officials determined to improve rail service between Richmond and Washington

Virgina officials were disappointed in the announcement of federal stimulus grants for high-speed passenger rail projects. The Commonwealth sought $1.8 billion but got just $75 million for its top rail initiative.

Efforts to improve rail service between Richmond and Washington, and ultimately the rest of the state, will continue, according to Thelma Drake, director of the Virginia Department of Rail and Public Transportation. "Whether you like rail or not, it is the future," she said. More opportunities for federal funding will come up, and she expects to be on the spot, applications in hand. "A big part of my job is the Washington component," she said.

High speed rail service allows trains to operate at 90 to 110 miles per hour. Currently, the fastest trains in Virginia operate at 79 mph.

Government to encourage short sales

The federal government has unveiled a new program encouraging buyers to sell their houses for less than they currently owe. Banks will be forced to accept the agreements, forgiving the difference between the market price of the property and what they are owed. Buyers will walk away with $1,500 in relocation assistance and the bank's promise that they will not be sued for the unpaid portion of their mortgage.

“We want to streamline and standardize the short sale process to make it much easier on the borrower and much easier on the lender,” said Seth Wheeler, a Treasury senior adviser.

More than five million homeowners are behind on their mortgages and risk losing their houses to foreclosure. The government’s $75 billion mortgage modification plan has helped a relatively small number of them.