Gems in the CAFR
The FY 2009 Comprehensive Annual Financial Report (CAFR) (requires Adobe), containing Arlington County’s audited financial statements, was received by the County Board at its regular December 2009 meeting, as required by Section 15.2-2511 of the Code of Virginia.
The report’s transmittal memo notes the annual budget “is the single most important document that a governing body enacts annually." However, the CAFR is just as important because it contains the audited financial statements, which “provide reasonable assurance (they) . . . are free of material misstatement.” The memo contains the following gem in the taxes and fees section:
“A greater share of the tax burden is carried by the commercial sector, relative to homeowners, than any of (Arlington’s) neighbors.” (emphasis added)
Most of us have heard County Board members tell us far too many times that Arlington has the lowest real estate tax rate in the area as if that is sufficient reason to vote for them at the next election. We’ve tried to tell taxpayers the only reason Arlington’s tax rate is lower is because the commercial sector bears a far larger tax burden than in most other local governments in the region. It's good to know we're on the same page with county staff.
We missed the statement in prior CAFR’s. So the next time a member of the Arlington County Board brags about Arlington County having the lowest real estate tax rate in the region, ask them if they know why it’s so low.