Ladysmith Village Va. Balance Sheet

Ladysmith Village Va. Balance Sheet

Posted in the Partlow Forum

For Real

Berryville, VA

#1 Aug 19, 2013
I do not have all the figures, but this is where a forum like this is helpful, because I am sure other important statistics are known and posted for comparison to get an overall picture as to whether Ladysmith Village has been the sort of financial sinkhole some imply.
On the debit side is:

* the $5 million YMCA that is now the $7 million YMCA,

* the library,

* the elementary school,

*$20,000 or more to date for Ladysmith Village Day,

*$5-6 million taken from the county cash reserve fund

And on the profit side would be total proffers to date, local sales taxes collected on Ladysmith Village Day, and what else?

Obviously the above figures are incomplete, but it would be nice to have all the numbers to add up and see whether, financially, Ladysmith Village has been a good move for a cash-strapped county or the mistake some claim it to be. I am sure there are items I have overlooked, and if you do not have the figures for all the things listed, please give the numbers for those you do have.
Then we can put together a chart listing both sides of the ledger.
Jane Tate

Warrenton, VA

#2 Aug 20, 2013
Ladysmith Village isn't responsible for the YMCA, that's a county project. The elementary school houses students from more communities than Ladysmith Village. I don't know about Ladysmith Day, but I know that Lake Land'or participated because I helped. I think that least the first year, it was held over by Giuseppes.
$6 million from the county funds? Is that to subsidize the public utilities? If so, you'd have to count Lake Caroline (county providing water), Caroline Pines and Belmont at Carmel Church.
The library hosts students from the entire Ladysmith area. Many of my daughters friends in Land'or go up there every week. Plus the school system uses it for classes and awards programs.
Telephone

Ruther Glen, VA

#3 Aug 26, 2013
Don't forget property tax income. I'm sure that land brings in a lot more now than when it was forest.

The library was built by the developer of ladysmith village, so not an expense to the County, and as Jane said, it's used by everyone in the area.

The school was already needed, to replace the old school. It was just built in ladysmith village because the county got most of the land for free.

Much of the blame for growth during the housing boom was placed on Ladysmith Village, even though at the time 3 times as many homes were being built in Lake Land'Or. Heck, in 1 year more new homes were built in the lake communities than have been built in ladysmith village in the past 10 years.

Next I bet people will be blaming one neighborhood for the new library in Dawn, or the new elementary school expansion in Bowling Green... or is it alright when the county spends money on that side of the county?
For Real

Fredericksburg, VA

#4 Aug 30, 2013
Running the library doesn't cost the county a dime?

Please, can we get some dollar figures?

Telephone is correct, property taxes need to be included in a tally of the balance to date on spending in that area. There have also probably been fees paid every time an inspection has been done and each time they had to re-inspect.

Telephone's point to compare with when the land was just forest also applies. That elementary school and other expenses, including the spending on the Y would not have been done there had there been no development in the first place.
These expenses were incurred specifically in support of and because of Ladysmith Village and perhaps other development.
Has this been a profitable investment of taxpayer funds or not? We can't know without actual dollar figures on expenses and income return.

Please, let's have some actual numbers instead of theories and vague generalizations and digressions that do nothing to clarify the picture.
Has this development been revenue positive or revenue negative, and how much either way?

None of us may have every figure, but if we post those we DO have, perhaps all of us together can come up with more actual income and outlays so as to get a broader picture than any single one of us may have.
Barbara

United States

#5 Sep 22, 2013
Jane Tate wrote:
Ladysmith Village isn't responsible for the YMCA, that's a county project. The elementary school houses students from more communities than Ladysmith Village. I don't know about Ladysmith Day, but I know that Lake Land'or participated because I helped. I think that least the first year, it was held over by Giuseppes.
$6 million from the county funds? Is that to subsidize the public utilities? If so, you'd have to count Lake Caroline (county providing water), Caroline Pines and Belmont at Carmel Church.
The library hosts students from the entire Ladysmith area. Many of my daughters friends in Land'or go up there every week. Plus the school system uses it for classes and awards programs.
Yah, its the county spending that is the problem.
Its one thing to spend a bunch of money and get more back.
When it was just dirt and trees the county was making a profit between taxes coming in and no money being spent building things.
Your'e right on utlitities, Ladysmith village only cost part of that $6 million, like maybe one and a half or two million out of it.
But this is about stupid financial policies by the county, right?
They might have just added on to another elementary school or they might have built a smaller one or not had to build one at all because if LV was stupid then so was some of the others too.
There's the extra cost for police and fire and rescue and other county services for the extra citizens

Since it's about real numbers, I don't have any. So I'm going to guess. If the BOS had not been stupid and greedy they would not have spent
$9 million for the YMCA - I hear it will probably cost over 10
$1.5 million for utilities
$20 million - elementary school
$2 million for extra county services

So the county is spending $32.5 million and they got back like $20,000 for school land and another couple million in proffers and a few hundred thousand in property taxes a year so it looks like they spent over $30 million and got less than a $5 million return on their investment.

If they just left it all alone they would have $27 million to spend on other things or reducing the debt or cutting taxes or providing water that is drinkable as if that is too much to ask but it is because they are so bad with money and go and morgage a school for a symbol of how stupid they really are
ivnws4u

Fredericksburg, VA

#6 Oct 14, 2013
Barbara, just adding onto the old school wasn't going to cut it. The new school was at a capacity when it opened and they had to keep open the primary school and convert it to Madison Elementary because of the higher student numbers.

For Real, the county has not given $20,000 for Ladysmith Day. The money this last year was totally raised by the committee (made up of area residents and not only LV residents) that organizes and puts it on. Hosting this event is NOT cheap, BTW and takes lots of work by the unpaid volunteers.

As far as water to Lake Caroline there were no major infrastructure costs involved, however, there were some administrative costs associated with a potential takeover of the private company a few years ago.

Before people open mouth and insert foot, they should get ALL of their facts straight and not from the gossip mill and by fact I mean documented fact.

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