Gloucester is in pretty good shape with its debt load, with 63.8 percent of current debt expected to be paid off over the next 10 years, a consultant reported to the county board of supervisors on May 19.

During a work session in the colonial courthouse, Ted Cole, senior vice president of Davenport & Company, LLC, discussed the county’s debt, fund balance and potential refunding opportunities. Cole said that the 10-year payout ratio measures the amount of principal to be retired in the next 10 years. This ratio, he said, is an important metric that indicates whether a locality is back-loading its debt.

Gloucester’s existing debt per capita is $1,345, Cole said. The county has a financial policy in place that establishes a maximum debt per capita value of $1,700.

Put another way, Cole explained, Gloucester’s existing debt to assessed value is 1.24 percent, with 2014 assessed value of $4,237,310,000 and estimated 2015 assessed value of $4,088,833,395. The county ...