Fairfax County Supervisors OK $310 Million School Bond

The Fairfax County Board of Supervisors has approved a $310 million bond for 15 school construction projects, including more expenses related to an addition at South Lakes High School in Reston.

• In addition to the addition to South Lakes, the $310 million if approved will be used to renovate nine elementary schools, two middle schools and two high schools and plan a new Northwest County area elementary school.
• According to the CIP, the South Lakes expansion will be completed in Fiscal Year 2018, and the total cost will be $14,650,406.
• A 2013 bond referendum has funded $803,300 of the South County addition costs through FY2016. For FY2017 and FY2018, the costs, which include most construction expenses, are estimated at $13,847,106.
• According to FCPS, South Lakes High School will be at 97 percent capacity in the 2018-19 school year.

The bond proposal is slated for the November ballot; it is one of the largest school bonds in recent years.

The referendum will also provide construction funds renovations at Herndon and West Springfield High Schools and six elementary schools (Cherry Run, Waynewood, Stratford Landing, Newington Forest, Hollin Meadows, and White Oaks), and three modular building relocations; and planning funds for a new elementary school in the northwest portion of the county and for the planning of renovations at three elementary schools (Annandale Terrace, Clearview, and Silverbrook) and two middle schools (Hughes and Cooper).

Funds from the 2015 bond referendum are identified in the FY 2016-20 CIP, which estimates that Fairfax County Public Schools (FCPS) enrollment will be approximately 198,000 students by the 2019-20 school year.

The county has the highest credit rating possible, it points out, for any government: Triple-A from Moody’s Investors Service Inc.; from Standard & Poor’s Corp.; and from Fitch Ratings. Fairfax County is one of only nine states, 39 counties, and 33 cities to hold a triple-A rating from all three rating agencies.

For this reason, Fairfax County’s bonds sell at relatively low interest rates compared to other tax-free bonds.