Monday, May 16, 2016

Schools Funding Draft Report Issued to Multi-Year School Capital Investment Funding Plan Executive Committee

~ Team to narrow down viable revenue options for future needs ~

The Multi-Year School Capital Investment Funding Plan Executive Committee received a draft report today concerning potential revenue sources that could support new capital investment in the city of Richmond. The menu of options was developed by the Revenues & Financing Working Group of the Project Evaluation Team.

The report outlines revenue options and includes an analysis of the viability of those options. Seventeen potential revenue sources were represented in the draft report. The report also offers a history of annual funding for Richmond Public Schools and an outline of future Capital Improvement Project (CIP) needs for the city.

Mayor Dwight C. Jones indicated that the menu of options and the report analysis will be presented and discussed with Richmond City Council as well as Richmond Public Schools, community stakeholders and the public over the next several weeks. The Project Evaluation Team will be working to obtain feedback and to narrow down the list of revenue options to those choices that will be agreeable for the parties to pursue.

The next scheduled meeting of the Executive Team is June 20, 2016, at which time the group is expected to bring forth final recommendations for the development of a long-term sustainable funding program for the city’s needs.

To view a copy of the draft report click here.