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Finance staff warns Gloucester County utilities fund will just meet FY27 covenant; FY28 likely needs more revenue
Gloucester County Board of Supervisors · April 27, 2026
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Summary
County finance staff told supervisors the utilities fund includes $8.5 million in debt-funded projects and must meet a revenue covenant requiring net revenues equal to 120% of debt service; FY27 would narrowly meet the covenant but FY28 would likely need additional revenues.
Miss Callaway told the Board the utilities fund currently includes about $8.5 million in projects proposed to be debt‑funded and described a revenue covenant that constrains borrowing: net utility revenues, after operating expenditures, must equal 120% of debt service.
"The net revenues of the utility must…
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