Town government · Isle of Wight County, VA

Smithfield's money: where it comes from and where it goes

In the latest recorded fiscal year (ended June 30, 2024), Smithfield took in $19.8 million and spent $16.2 million.

Latest recorded year: ended June 30, 2024Comes fromGoes to

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Where it comes from

Town taxes50%Fees for services (water, sewer)19%State tax money16%Fines and other9.7%Federal tax money5.2%

What stands out

21%

of Smithfield's money comes from taxes other than property, sales and income taxes.A typical U.S. city, town or village of under 10,000 people gets 2.5%.

Town taxes50%

Property tax
26%$5.1 million
Other taxes
21%$4.2 million
What's in other taxesOther selective sales taxes; occupation and business licenses and 4 more
  • Other selective sales taxes$2.8 million
  • Occupation and business licenses$525 thousand
  • Public utility taxes$260 thousand
  • Motor vehicle licenses$239 thousand
  • Other licenses$203 thousand
  • Tobacco taxes$176 thousand

Amounts are by Census tax category.

Sales tax
3.0%$584 thousand

Fees for services19%

Fees for services
19%$3.8 million
What's in fees for servicesWater; sewer and 2 more
  • Water$2.1 million
  • Sewer$1.4 million
  • Garbage collection$309 thousand
  • Other government-run businesses$1 thousand

Amounts are by Census type of charge.

Federal tax money5.2%

Grants from Washington, paid for by the federal taxes residents also pay.

From the federal government
5.2%$1.0 million

State tax money16%

Money the state passes on, paid for by the state taxes residents also pay.

From the state
16%$3.2 million

Fines and other9.7%

Interest, rents and other
9.5%$1.9 million
Fines
0.2%$38 thousand

Where it goes

Running the government and other costs23%Water, sewer, trash and utilities21%Police, fire, courts and jails19%Roads, transit and parking14%Housing and community development11%All other spending11%

What stands out

11%

of Smithfield's spending goes to housing and community development.Most U.S. cities, towns and villages of under 10,000 people spend nothing on this.

Spending by category100%

Running the government and other costs
23%$3.8 million
What's in running the government and other costsOther and not broken out; finance, tax collection and budgeting and 2 more
  • Other and not broken out$2.2 million
  • Finance, tax collection and budgeting$976 thousand
  • Government buildings$452 thousand
  • Central staff services (personnel, purchasing, technology)$180 thousand
Water, sewer, trash and utilities
21%$3.4 million
What's in water, sewer, trash and utilitiesWater supply; sewer systems and 1 more
  • Water supply$1.9 million
  • Sewer systems$928 thousand
  • Garbage and solid waste$581 thousand
Police, fire, courts and jails
19%$3.1 million
What's in police, fire, courts and jailsPolice and fire protection
  • Police$2.6 million
  • Fire protection$515 thousand
Roads, transit and parking
14%$2.3 million
What's in roads, transit and parkingRoads and highways
  • Roads and highways$2.3 million
Housing and community development
11%$1.7 million
Parks, recreation and libraries
9.9%$1.6 million
What's in parks, recreation and librariesParks and recreation and libraries
  • Parks and recreation$1.6 million
  • Libraries$3 thousand
Social services
0.8%$137 thousand
What's in social servicesOther public welfare
  • Other public welfare$137 thousand
Interest on debt
0.7%$107 thousand
What's in interest on debtInterest on general debt and interest on water supply debt
  • Interest on general debt$62 thousand
  • Interest on water supply debt$45 thousand
Sources and moreWhere these numbers come from and what they cover

Town of Smithfield. U.S. Census Bureau, 2024 Annual Survey of State and Local Government Finances, individual unit file, fiscal year ended June 30, 2024.

What this covers. The money of Town of Smithfield itself. Other governments that serve the same area (the city, county, school district and state) are separate and not included. Borrowing, transfers between a government's own funds, and pension trust funds are not counted as revenue.