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Virginia Beach board adopts $949 million CIP, increases pay‑as‑you‑go funding
Summary
The board adopted an amended Capital Improvement Program totaling $949,045,599 and included a $3 million increase in pay‑as‑you‑go funding; board members emphasized that new construction will be reviewed separately before bids are issued.
The School Board adopted an amended Capital Improvement Program (CIP) totaling $949,045,599 after a staff presentation and discussion of funding sources. The resolution cited primary funding through charter bonds, public facility revenue bonds and reversion funds, and it noted a $3,000,000 increase in pay‑as‑you‑go (PAYGO) funding to offset authorized but unissued public facility revenue bonds.
Board members emphasized that new construction projects will not go out to bid without separate school‑board approval. Mr. Culpepper urged continued increases in PAYGO in coming years; the chair and other members said they welcome the move toward higher PAYGO levels. The clerk reported the motion passed.
