March 10, 2026 Budget Committee - Mar 10, 2026
meeting
Fairfax County Board Committees
1h 22m
5 speakers
8 agenda items
transcribed 2 days ago
official recording ↗
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the purpose and scope of the FY 27‑31 Capital Improvement Program (CIP)?
Okay.
Good morning everyone and welcome to our March tenth, twenty twenty six Board of Supervisors Budget Committee meeting. Um I appreciate uh we're starting just a few minutes late, but we have only one thing on our agenda today, which is an overview of the FY twenty twenty seven to twenty thirty one capital improvement program. And at this time I'm gonna turn it over to Christina Jackson, our chief financial officer for a presentation. Welcome.
Good morning everyone. It's it's different doing this in the morning. Usually our meetings are in the afternoon. Um so I'm joined at the table by Phil Hagen, uh budget director, Jo La Hate, uh Deputy Director, and Martha Reid, uh the capital coordinator for many years, who's also gonna be retiring this year. So just wanna note that to make sure that everyone gives Martha her proper shout out, because we're gonna miss her uh tremendously. Um so yes, our only agenda item today is our CIP. We're gonna be going into a little bit more detail than what we've um previously done. Um, but certainly there are some changes that we've proposed as part of our geobond program. We have some significant projects on the horizon that we are planning to finance outside of the geo program, and we want to talk about um
how this program is going to um whether or not it's gonna be affordable in future years when you talk about some of those affordability challenges as well. Um so if we move to the next slide, so just kind of an overview of the CIP. You know, all of you are familiar with our document. There is a lot there that's um kind of outside of the focus of today's presentation. Certainly if you look in the CIP, that includes capital programs that are self supported, um, transportation, stormwater, et cetera. Really what we're going to be focused on today is part is that last bullet. So our Geobond program, um, our EDA uh program, and some of those longer term debt projects, and look at our timeline for those and some of
the changes that we're uh proposing. Um the CIP also does include Um our general fund supported program for maintenance. And as we talked in some of our previous meetings, certainly you saw in this year's budget there's a renewed emphasis on maintenance of our existing uh capital facilities, certainly with what we've seen happening at the Sword Courthouse and Panino. Um, so I just want to call back the work that was done on the joint CIP committee a couple of years ago. Um, we noted this at our meeting a couple of weeks ago as well. Um there were three primary recommendations that came out of that committee in twenty twenty one. Um and we're happy to say that we've now met all of those. Um the first was increasing the annual bond sale limit from three hundred to four hundred million.
We achieved that last January. Um, the the most difficult one for us was that second one, which was getting to um the dedication of at least a penny on the real estate tax rate uh for capital renewal or towards increased debt service payments on those additional bonds that we were selling. Um and as part of FY twenty seven, we're gonna meet that goal. Um a reminder that the value of a penny is about thirty-five million. And our investments in the twenty-seven budget are estimated to be just shy of forty-five million. Um twenty million of it is related to just baseline capital renewal dollars, ten million for the county and ten million for schools. And the uh about twenty-five million is associated again with those increased debt service uh requirements on that additional um hundred million dollars in bond sales.
And then the last recommendation. Was increasing the allocation a year in to our capital sinking fund from twenty percent to thirty percent. And including schools. Um and just since we've made that change, um that's provided an additional thirty two million dollars for FCPS. And since we started the capital sinking fund, we've allocated almost two hundred and twenty million dollars. So that was um an important um uh opportunity and option for us to be able to put more money into our facilities.
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Agenda
8 items
1
What is the purpose and scope of the FY 27‑31 Capital Improvement Program (CIP)?
0:02–12:04
2
How does the county meet the new “one‑penny” real‑estate tax dedication for capital renewal?
12:04–23:47
3
What are the major changes to the geobond program and why were they proposed?
23:47–32:03
4
How are EDA bonds used differently from general‑obligation bonds?
32:03–42:05
5
What debt‑service ratios does Fairfax County target and how are they monitored?
42:05–52:35
6
Which projects were deferred or rescheduled and what criteria drove those decisions?
52:35–1:01:17
7
How is the county balancing new facility construction with maintenance of existing assets?
1:01:17–1:12:19
8
What are the next steps for the budget committee and upcoming public hearings?
1:12:19–1:22:40
Speakers
5 identified
Jeffrey C. McKay 18 min
Pat Herrity 3 min
Rachna Sizemore Heizer 3 min
Rodney L. Lusk 2 min
Kathy L. Smith 2 min
Officials recognised by voice; public commenters shown as “Speaker N” unless they state their name.
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