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Board reviews FY26 budget adjustments, $130M debt scenarios for school and courthouse and utility funding options
Summary
County financial staff and consultants presented FY26 budget technical updates, recommended CIP timing changes, and several debt scenarios to fund two projects totaling about $130 million; the presentation also covered utility capital borrowing options and implications for rates and connection fees.
County staff and outside consultants presented updates and financing scenarios for the FY26 budget at the April 20 New Kent County Board of Supervisors meeting, including proposed timing changes to EDA capital items, debt scenarios for a proposed elementary school and courthouse, and options for public‑utility capital funding.
Finance Director Lawrence reported minor technical updates that increased general‑fund revenues by about $25,000 and a Parks & Recreation lease rental correction that reduced a line item from $7,500 to $2,500. He said staff recommends moving an incentive for a private project (referred to as the Bucky’s incentive) from FY26 to FY27 and restoring one EDA sponsorship to FY26; that pair of changes altered the CIP by roughly $92,500. Lawrence also confirmed budget advertisement includes a 3‑cent tax increase as the advertised maximum; the board can lower but…
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