Virginia Beach--
Property values are falling more than previously predicted, a situation that threatens to punch a bigger hole in the city’s budget. The value of residential and commercial properties could drop an average of more than 6.5 percent, City Assessor Jerry Banagan warned city leaders in a memo. Banagan previously forecast a 5 percent fall. The predicted drop is the latest bad news for city budget officials facing an $84.4 million shortfall between the city and schools. The predicted change is equivalent to a loss of about $7.5 million in city revenue, said Catheryn Whitesell, the city’s budget director. Click here for the full story from the Virginian-Pilot.