Risking Arlington County’s AAA Bond Rating?
Scott McCaffrey reports at the online Arlington Sun Gazette this morning that tonight School Superintendent Patrick Murphy will likely “propose including funding for a new Wakefield High School on a 2010 county bond referendum, setting the stage for debate on whether the big-ticket project will push the county government’s debt levels too high.” According to McCaffrey’s report:
“A new Wakefield would be the major component of a $107.2 million bond referendum Murphy would like to see before voters in November. The package also would include funding for fiber-optic communications in school facilities, and upgrades to HVAC systems and roofs at local schools.
“Murphy plans to make the case that now is the time to act on a new Wakefield, rather than waiting two years, as had earlier been considered likely. School officials think they will be able to get better construction bids by moving forward sooner rather than later.”
However, the Sun Gazette report also notes:
“School Board members are expected to adopt a capital-spending plan in June. At the same time, County Board members will have to decide if putting the Wakefield project on the ballot in November could push Arlington’s debt levels to the point where they might imperil the county government’s AAA/AAA/Aaa bond ratings - ratings county officials have vowed to protect at all costs.
"Acting County Manager Barbara Donnellan voiced concern about rising debt levels when presenting her own six-year, billion-dollar capital-improvement plan to County Board members in late April. But she has not specifically voiced an opinion on the Wakefield project.”
Information about the School Board's meeting tonight, including Schools CIP and the CIP work session, is available at the School Board's webpage.
We’ve growled many times, including October 7, 2007, about the high cost of Arlington’s Washington-Lee High School relative to other high schools in Virginia, and will be looking more closely at the construction plans of the Arlington School Board.