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Virginia Beach schools outline debt-service limits, CIP funding sources
Summary
School division staff briefed the School Board on capital funding sources and the relationship between bond authorization and annual operating debt-service obligations, noting a $50 million annual debt-service planning figure and the role of PAYGO, reversion funds and bond authorizations in the capital improvement program.
School finance staff told the School Board of the City of Virginia Beach on Feb. 18 that the division plans capital projects based on an annual debt-service capacity the city and schools can afford from the operating budget.
The presentation explained why bond authorizations in the capital improvement program (CIP) are not the same as immediate bond sales and why the operating budget must carry future debt-service payments. “We’ve briefed you many times that we’re at $50,000,000 in debt…
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