County eyes bond payback plan

Pat Kimbrough, The High Point Enterprise, N.C.
·2 min read

May 27—GUILFORD COUNTY — Guilford County's draft budget would start setting aside $50 million annually to pay the debt service on the $1.7 billion school construction bond approved last week.

County staff told commissioners during a work session Thursday that the bonds have to be sold within seven years, and they are planning debt issuances in 2024, 2027 and 2029.

Guilford's total draft budget is $855 million, a 14% increase thanks in part to the county's 2022 revaluation, which is set to bring in an extra $150 million in property tax revenue each year.

The budget would add 150 new positions across several departments and provide 5% pay raises plus merit increases for county employees.

It would also give Guilford County Schools a $16 million increase in operations and a $6 million capital increase next year.

The draft budget holds the property tax rate steady at 73.05 cents per $100 of assessed value.

Commissioners on Thursday also heard an update on county priorities for its $104 million in American Rescue Plan Act funds.

One particular High Point project has asked for $2 million of the funding — a proposal by the Hayden-Harman Foundation for "The Bridge," a one-stop location to bridge gaps in resources by providing health services, youth programming and access to healthy food using the former police station on Leonard Avenue.

"The city is doing an assessment to see what the building needs before they make a decision on the building," said Commissioner Carlvena Foster of High Point. "Even though the bridge is located in High Point, it will serve residents from across Guilford County."

The foundation is also seeking $3.8 million in ARPA funds from the city for the project.

It was not on a list that commissioners on Thursday prioritized for further study by staff.

This included $10 million for early childhood initiatives, $350,000 to increase the availability of foster families for children, $1.8 million for eight new Family Justice Center/Department of Social Services protective team members, $1.5 million for EMT and fire academy expansions aimed at increasing the health care work force and $2.7 million for recovery housing and residential programs for parents with children.