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Supervisors weigh capital project funding options

Gloucester supervisors continued talks on possible long-range planning for future capital needs which would see the county using future debt servicing to fund a number of projects.

The plan was presented to the board Tuesday night by Ted Cole of Davenport and Associates at the meeting in the colonial courthouse. Cole explained to the board members the three options for funding they had in front of them.

The first long-range funding option, or Case A, sees only local transfers being used to fund the debt services. Cases B and C would use an additional $0.01 and $0.02 increase to real estate taxes to provide needed funding for debt servicing. The increase in funding for debt servicing would allow the county to borrow more to tackle more projects.

In Case A, the county could borrow a total of about $37 million. The board could start funding two fire and rescue projects in the fall of 2024, which would be a year after a possible referendum this fall, said Cole. About $13.5 millio...

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