Goochland voters are weighing in on two bond referendum questions on the election ballot that will determine how the county will fund approved capital projects. In Virginia, counties are required to secure voter approval prior to issuing General Obligation Bonds.
“The Board of Supervisors has already approved the proposed school and county projects in its Capital Improvement Program budget,” Manuel Alvarez, Jr., interim county administrator said. “What’s on the ballot is how these projects will be funded.
“If we were to pay cash for the projects instead of taking on debt, it would either take us many years to save enough money to fund the projects or we would need to increase the tax rate for several years in order to collect through taxes the cash needed on an annual basis for these projects,” Alvarez said. “Issuing bonds spreads the cost of long-life major projects over time, ensuring that both current and future residents share in the payment of the cost of the community’s long-term projects.”
Goochland County’s financial management policies have resulted in two triple-A bond ratings, the most favorable ratings available to governmental entities. “Because of this, the County will be able to obtain the lowest possible interest rates for the bonds available in the market,” Alvarez said. “Additionally, the bond program is designed not to contribute to an increase in property tax rates,” he said.
“We’ve worked to provide citizens with the information they need to cast informed votes on the two bond questions,” Alvarez said. “Citizens who want more information should visit our website at www.goochlandva.us/bonds or attend one of the upcoming Town Halls. Details are on the bonds website, and printed materials are available in several locations throughout the county.”