Charlottesville budget staff continues to warn Council of approaching debt limit
Charlottesville City Council will have a public hearing on the proposed fiscal year on Monday, April 5. On March 25 they held a work session on the proposed capital improvement program as well as what to do with some additional revenue that budget staff now anticipates receiving during the year that begins on July 1.
For months, budget staff have been telling Council that the city is close to its capacity to raise additional debt. (link to presentation) (watch on city website)
“With the proposed CIP we are projecting a five year debt financing of roughly $121 million,” said senior budget management analyst Krissy Hammill. “WIth the bonds that we’ve previously committed but not issued, and the CIP before you, we are committing to a debt capacity of about $195 million.”
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