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 2014–2020 Community Improvement Plan (CIP) is long-term oriented, anticipates future needs and supports responsible stewardship of existing facilities.
The FY 2014–2020 CIP, totaling $460.1 million, represents a continuum of projects. The FY 2014 capital budget, or $57.6 million, represents funded commitments. The remaining projects shown in FY 2015–2020 represent planned projects. For planned projects, revenues are assigned, but projects are continually vetted, may change, or ultimately may not be funded. Horizon projects are not included in the CIP; these projects include those where project timing, priority or funding are still being determined.
The FY 2014–2020 Financial Planning Model, included in the FY 2014 Recommended Budget, shows the debt and cash capacity that can be funded without an increase in the property tax rate. It does not include proposed debt issuances, such as a future schools building program, that may require an increase in the existing property tax rate to support additional debt and capital over and above what can be supported by the existing 15.50 cents dedicated to debt and capital.
During FY 2013, the Board of Commissioners and the Board of Education met jointly to discuss the next WCPSS Building Program. A bond referendum for WCPSS is being planned for October 2013. It is anticipated that future CIPs will include funds allocated to the next building program for WCPSS, contingent upon an approved referendum and the resulting tax increase for debt and capital implemented for FY 2015.
An update of the County’s long-term financial model and recommended FY 2014–2020 CIP was presented to the Board of Commissioners at their May 13, 2013, work session.