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Committee moves six-year capital program and FY2026 capital budget to council floor
Summary
The committee voted to advance two companion ordinances that adopt a $603.7 million six-year capital program and a $198.7 million FY2026 capital budget; debt-service estimates and fund-by-fund breakdowns were presented by OMB.
The Finance and Economic Development Committee voted Monday to send two companion ordinances to the full Wilmington City Council: ordinance 25-007, which adopts a six-year capital program for fiscal years 2026 through 2031, and ordinance 25-008, which enacts the fiscal 2026 capital budget.
OMB fiscal and operations analyst CJ Jones told the committee the six-year capital program totals $603,728,163, with a fund breakdown of $116,173,239 for the general fund, $371,054,924 for the water and sewer fund, and $116,000,505 for other funds. The FY2026 capital budget was presented at $198,732,000.
Jones described potential debt-service impacts if bonds are issued: $2,230,015 in principal and interest for the general fund and $5,169,217 in interest-only debt service for the water and sewer fund, noting other funds were excluded from the debt calculation because of forgivable loan terms.
Council members asked about timing for bond issuance. Jones said finance officers were monitoring capital fund balances and could pursue a bond issue in late fall, structured so the first principal and interest payment would fall into the following fiscal year (2027), or use a short-term BAN (bond anticipation note) depending on departmental spending and market conditions.
No amendments were recorded in the committee discussion. Committee members moved both ordinances out of committee for a full-council vote scheduled on the floor later in the week.
