Radford considers tax and rate increases, addresses financial challenges

The City of Radford has met the criteria for fiscal distress. The Virginia Auditor of Public Accounts gave the city that label after Radford had seen years of financial challenges. Leaders said they are making strides toward long-term stability. Plans to raise real estate taxes, increase water and electric rates, and continue a hiring freeze for 25 positions were part of the solutions discussed. Proposed rate increases include: Increasing real estate tax rate from $0.82 to $0.87, Increasing minimum water rate from $24.32 to $47.79, Increasing the electric rate by 5%. Council plans to host a public hearing about the proposed tax and rate increases.