Fairfax County has not waited to act on the fiscal impact of the steep downturn in the housing market, given that residential real estate taxes account for 60% of its annual operating budget. According to Chairman Gerry Connolly, an across-the-board 2% cut in all county agencies has already been implemented in the current fiscal year, and another 2% cut is planned for the next one, along with an effective hiring freeze and no growth in the school budget.
