CHESTERFIELD COUNTY, Va. (WRIC) — In Chesterfield’s annual “State of the County” address, local officials touted a $49.2 million budget surplus for the fiscal year 2022 and a plan for how it’ll be spent, which includes future tax relief measures.

Matt Harris, Chesterfield’s Deputy Administrator for Finance and Administration, explained one reason this surplus came to be.

“Revenues above expenditures, essentially, that stem from home prices being strong,” Harris said. “The real estate market has been in an upward swing these last several years.”

The administration’s proposed outline for how Chesterfield County will spend the extra money wouldn’t directly place funds back into community members’ hands. The money would essentially be set aside for a rainy day.

“We do not have to soak up resources in the future budget,” Harris said. “We set that aside today, so we can be in a better position to deal with those increases.”

Harris explained that Chesterfield County partly developed the plan with the rationale that it should parallel inflation trends, so officials are prepared to respond to whatever economic hardships could arise in upcoming years.

Part of the proposal sets aside $10 million in a reserve account to be used as needed to provide a degree of personal property tax relief. 8News asked Harris about the tangible impact residents can anticipate on the most granular level.

“It’s not something that will happen overnight,” Harris said. “But the next time we see car values pop-up like we did see this past year, if they don’t come back down, we’ll have a nice savings account.”

Another facet of the drafted proposal allocated $5 million towards the county’s real estate tax relief program to aid elderly and disabled residents. Additionally, the real estate tax rate would be reduced by one cent. This follows a three penny reduction last fiscal year. Leaders also set aside money for school safety improvements. In terms of tax relief, Harris explained how such measures are largely to prevent any future shortcomings in funds for critical needs like school safety.

“We don’t have to go back to taxpayers to ask for money,” Harris said. “So that’s just another form of rate relief, to not have to soak up resources in the future budget. Set that aside today, so we can be in a better position to deal with those increases.”

The Chesterfield County Board of Supervisors is set to vote on the proposal at 6 p.m. on Wednesday, Dec. 14. Officials said Supervisors have seen the plan before, so it is expected to pass.