Two of Virginia’s triple-A counties, Arlington and Fairfax, have released manager-proposed fiscal 2011 budgets that address revenue shortfalls and seek to maintain top-tier credit ratings.
The counties, rated triple-A by Moody’s Investors Service, Standard & Poor’s, and Fitch Ratings, share certain similarities. Both rely on the federal government for job growth and for real estate to generate tax. Both will address their shortfalls with cuts and real estate tax hikes. Fairfax faces a $257.2 million deficit for fiscal 2011 while Arlington announced a $32.5 million county and school shortfall for the same period.