Gloucester supervisors took a look at a proposed long-range funding plan for the county’s capital needs during the board’s June 13 meeting.Ted Cole of Davenport and Associates gave a presentation on the funding plan. The county has an ever-growing list of capital projects that continue to increase in price as they sit on the list. The goal of a long-range plan would be to fund more capital projects through debt servicing as the county pays off its current debt.
Cole presented the board with two scenarios for long-range planning, each with three hypothetical borrowing plans that were based on the belief that the board can afford to pay just over $4 million each year in debt services.
The consensus would be that to move forward with a long-range funding plan, the board needs to hold a referendum to get the approval of Gloucester voters.
The CIP projects that are recommended to be funded with the long-range funding plan include the construction of Gloucester Volunteer Fire and Rescue Stat...