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Showing posts from June 26, 2016

Multi-Year School Investment Funding Team Presents Triple-Action Investment Plan

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Mayor Dwight C. Jones presented on June 27 a Triple-Action Investment Plan that grew out of the work of the Multi-Year School Capital Investment Project Evaluation Team that he convened in April of this year.

The Project Evaluation Team was charged with charting a funding course for the long-term renovation and construction plans of Richmond Public Schools in a way that would protect the overall funding needs and fiscal integrity of the City. The Team met its goal of completing its review by the end of June.

The Triple-Action Investment Plan calls for immediate action of expanding the Governing Debt Policy ceiling from 10% to 12%. This action will expand debt capacity to over $580 million over the next decade, making that borrowing capacity available to the City if the governing body elects to utilize it. At the same time, the City is charged with coupling that action with additional policies; concerning the City’s unassigned fund balance, reserve levels, and equalization policies; in o…