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Fairfax City council, school board hear financial update on $220 million school bond; design contract to hit Sept. 9 agenda
Summary
City financial advisers and school officials outlined cash flows and tax impacts tied to the $220 million school bond, noting $3 million is budgeted for FY2026 design; council will consider awarding the design contract at its Sept. 9 meeting. Speakers stressed timing risks, deferred roof costs and the potential role of a 1% sales tax or proffers.
Fairfax City held a joint work session Sept. 2 in which the City Council and School Board reviewed the financial plan for the $220 million school bond and the schedule for planned renovations, including two elementary projects and a deferred high-school roof.
Davenport & Company, the city’s financial adviser, walked the group through assumed cash flows, interest-rate scenarios and policy constraints. Kyle Laux of Davenport said the presentation was intended as analysis, not advice on which projects to select: "It is not for us to tell you which projects to do." The model shows $3 million already budgeted in FY2026 for planning and design, followed by a larger borrowing profile beginning in FY2027 (about $22 million) that ramps significantly in later years…
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