The Board approved a five-year, $914.6 million capital improvement plan
for FY2015 through FY2019 at its regular meeting on June 18. The 2015 fiscal year begins July 1, 2014.
The capital improvement plan includes 67 projects for construction and renovation of County facilities. It is the most significant capital plan the County has approved since FY2008.
“The fiscal policies the County has implemented over the last three years have now provided the resources needed to address capital needs on a much larger scale than has been available since the start of the recession, “ said Dena Diorio, assistant county manager for fiscal control.
The plan will use a cash flow model which allows for a greater number of projects countywide to begin at a quicker rate.
Financing will come from County bonds ($500 million) and the County Paygo fund ($414 million). Paygo funds come from property tax revenue and enable the County to pay for capital projects without issuing debt.
Funds will be allocated to:
- Charlotte-Mecklenburg Schools (CMS): $327.8 million
- Central Piedmont Community College (CPCC): $280 million
- County facilities: $174.7 million
- County parks: $101.5 million
- Libraries: $30.6 million
The next step to implement the plan comes at the Board’s July 2, meeting. At that time, commissioners are scheduled to adopt a resolution for a public hearing on the capital improvement plan. The hearing is followed by placing a voter referendum for the $500 million bond package on the November 2013 ballot.