Capital facilities and adequate infrastructure are critical for the County’s continuing growth. Wake County has a proud legacy of long-term planning to serve current and future generations of citizens. The FY 13-19 Community Improvement Plan (CIP) is long-term oriented, anticipates future needs and supports responsible stewardship of existing facilities.
The CIP is a seven-year plan for capital expenditures totaling $551.3 million. Of this amount, $76.7 million represents the FY 13 capital budget.
Included in the FY 13-19 CIP is a November 2012 $200 million general obligation bond referendum for Wake Technical Community College. Because of the County’s AAA rating, general obligation bonds provide to the tax payer the lowest cost of borrowing for capital facilities. Because of existing debt capacity, the issuance of an additional $200 million of general obligation bonds would not require a property tax increase to support the debt service cost of the additional general obligation bonds.
The recommended $200 million of general obligation bonds, combined with $10.2 million of cash funding, would support $210.2 million of new capital investment for Wake Tech. The new capital program would provide for additional facilities at the Northern Wake Campus, expansion of the Public Safety Campus, construction at the Research Triangle Park (RTP) campus, and repairs and renovations college-wide.
An update of the County’s long-term financial model and recommended FY 13-19 CIP was presented to the Board of Commissioners at their May 14, 2012, work session.