Wake Forest reviews FY25–30 capital improvements plan, outlines bond issuance and priority projects

Michelle Daniels, the town’s Budget and Performance Manager, presented an update to Wake Forest’s five-year Capital Improvements Plan on the council’s agenda, describing the plan’s scope, funding strategies and near-term priorities. “It’s a 5 year plan,” Daniels told the mayor and commissioners, and said the town updates the CIP annually to align projects and financing with the budget process.

The CIP identifies projects with total costs over $25,000 or with useful lives greater than five years, and includes vehicles, equipment replacement and asset maintenance. Daniels said departments submitted requests in late October and staff then refined requests through management review; the council will prioritize first-year projects that are incorporated into the annual budget. She told the council that departments requested roughly $49,000,000 for the upcoming cycle, while the town adopted about $12,000,000 for FY25.

Daniels reviewed the town’s current debt and bond program. She said Wake Forest had $38,800,000 in outstanding debt attributed to the town (about $1.9 million in the electric fund and $36.9 million to governmental activities), and a total debt figure of $110,600,000 that includes $75,000,000 in authorized but unissued general obligation bonds from a 2022 voter-approved referendum. The town…