Capital Projects Fund

The General Capital Projects Fund shall provide funding for the acquisition, design and construction of major County office buildings and facilities, funding of replacement, repair and rehabilitation projects, and fleet replacement for Fire and Rescue ambulances.

In November 2009, voters approved the issuance of $29 million for improvements to parks. A referendum will be required to continue with improvements to parks.

School construction is financed through participation in the semi-annual Virginia Public School Authority (VPSA) pooled bond program. The money gained from borrowings for School construction is recorded in the Capital Improvements Fund and transferred directly to the School Construction fund as it is received.

Other cash or debt-funded expenditures for major capital construction or equipment acquisition are also accounted for here.

The County acquires funding for certain capital items using a master lease agreement. The agreement was secured using a competitive bid process, permits borrowing up to the agreed-upon amount, and defines the index upon which the rate will be determined at the time of the borrowing.

Personnel

Capital

• Comply with the debt limitations outlined in Principles of High Performance Financial Management, as adopted by the Board.
• An amount equivalent to 3.0% of general fund expenditures will be set aside for pay-as-you-go capital projects each fiscal year.