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Mecklenburg County administrators this afternoon outlined their recommendations on how to spend construction money during the next four years.
The simplest message from the numbers-filled presentation: there is enough money to handle the amount of money needed for projects like schools, libraries, parks and a new jail that have been approved in recent years. And, there's even some room to add new projects in the coming years should the need arise.
County leaders have spent much of the past two years looking at ways to get a better hold on construction money, particularly how much is borrowed through bonds. Earlier this year, commissioners agreed to limit the amount of bonds they issue. The county also plans to pump more money into a fund that pays for projects outright instead of borrowing money.
Tuesday's staff presentation outlined the best way to spread the available money
Initially, it appeared the county would have the most difficulty meeting all the agencies requests in the 2010-11 budget year. Commissioners previously said they would borrow no more than $150 million in bonds. However, earlier requests from agencies asked for about $220 million to pay for projects next year, according to a document sent to commissioners last month.
But on Tuesday, staff revealed the county will be able to meet everyone's requests after all. That's largely because the amount of money needed for the jail next year fell by $30 million, and the county will put about $20 million more into its pay-as-you go fund than originally anticipated. They county will use about $39 million of next year's pool of pay-as-you-go money on the jail.
Read tomorrow's The Charlotte Observer or www.charlotteobserver.com for more on this story.
