Arlington County is working to finish existing construction projects being paid for with money from bond sales before beginning new projects that require the county to raise money by issuing more bonds.
Arlington Deputy Chief Financial Officer Mark Schwartz said this strategy is reflected in the $207 million bond referendum the county board approved Tuesday night.
“We’re making a conscious effort on our part to say, ‘Let’s finish what we’re working on,’” he told The Examiner. “This is definitely a change in tone and pace from the [Capitol Improvement Plan] we adopted two years ago.”
In the past, the county has included bond packages to raise money for future projects, even though many projects sat unfinished. Voters are asked to approve the referendum every two years, and have not
rejected a bond since the 1970s.
Schwartz said the slowdown in the housing market is one reason the board adopted a more conservative referendum. Rising home prices have led to large real estate tax revenues, which have fueled growth.
Anticipating a slowdown in revenue, the board only approved one bond package for a new project: $26 million for the Arlington Mill Community Center.
Also approved were $35.5 million in bonds for parks, $31.5 million for transit projects, $27.3 million for community infrastructure, $79 million for utility projects and $33.7 million for public schools.
