Henrico County’s Board of Supervisors Sept. 22 made plans for the last chunk of the $70.7 million in federal CARES Act funding the county is scheduled to receive.
Supervisors amended their budget to accept $23.1 million in CARES Act money, the majority of which it will use to pay the salaries of Henrico Sheriff’s Office and Henrico Fire employees during the next quarter, according to Henrico Finance Director Meghan Coates. About $6 million of the money will be used for other eligible employee salaries and COVID-19-response expenses, she said.
During its Fiscal Year 2020, which ended June 30, Henrico’s general government spent about $17 million in CARES Act money, and earlier during its FY21 budget, it allocated $17.6 million to Henrico schools and to help reduce the cost of three full-day child care programs in county schools.
Those two amounts, coupled with the funding that supervisors authorized Tuesday night, compose the total amount of CARES Act money that Henrico’s general government received directly from the state. The remaining $13 million or so came through competitive grants or other forms to county agencies, Coates told supervisors.
Also at Tuesday’s meeting, the board authorized the sale of no more than $250 million in utility revenue bonds. The county intends to refinance $160 million worth of such bonds from 2013 and 2014 and sell about $30 million worth of new bonds to help fund utilities projects – primarily improvements to the county’s wastewater management facility, Coates said.
The move should result in a net savings in present-value terms of as much as $17 million during the life of the bonds, she said.
The savings is due in part to the strong fiscal rating of the county and, separately, its Public Utilities department, whose AAA status from the three largest credit-rating agencies – a “triple AAA” designation, the highest possible – recently was reaffirmed. It is one of fewer than 20 such departments to be designated thusly nationwide, county officials said. Henrico’s general government also enjoys the same rating from all three agencies.
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Henrico supervisors accept final piece of CARES Act funding, authorize sale of utility bonds - Henrico Citizen
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