Misplaced decimal changes Family Dollar figures

To err is human.

A recent miscalculation by Mineral Mayor Pam Harlowe left her scrambling for an explanation and left citizens trying to sort out the mathematical details.

During a Mineral Town Council meeting on Tuesday, July 23, the controversial installation of a Family Dollar Store on the corner of Fifth Street and Mineral Ave. was the topic of discussion.

In that meeting, Harlowe mentioned a figure of $24,000 in relation to the estimated revenue the town would benefit from real estate taxes should the store be built.

She did this by taking $1.1 million — the amount planned to be invested in the property — and using the town’s tax rate of 24 cents per one hundred dollars rate to come up with the estimate of $24,000.

There’s only one problem.

That math doesn’t equal $24,000.

Using the same formula, the actual figure comes out to $2,640, a far cry from Harlowe’s original estimate.

To read the entire story, see the Aug. 22 edition of The Central Virginian.

By tcvnews
Posted on Tuesday, August 27, 2013 at 10:45 am