Capital Planning Process

Planning for Community Facilities & Infrastructure

The Capital Improvement Program (CIP) is long-range, dynamic  program for capital facilities, infrastructure projects, land acquisition, major studies, and equipment purchases. The CIP identifies project financing capacity while connecting with the County’s Strategic Plan and Comprehensive Plan goals. The CIP is a constant work in progress that is reviewed annually and updated to reflect community priorities, financing options, and ensure the needs of the community are identified now and for the future.

Process Overview

• Outreach & Planning
  Kick-starting the annual budget process, each year, the Board of Supervisors, the School Board, and staff work with the community to identify projects which will shape the five-year capital improvement program (CIP) for general government and schools.
• Project Review & Plan Development
  The county evaluates various project criteria such as critical, time-sensitive, needs, strategic plan alignment, major maintenance issues, public facilities plan alignment, maximizing existing resources (through rebuilds or renovations), eliminating lease space, and community revitalization efforts. While the school division also assesses changes in expected enrollments, academic programs, and facility conditions. In coordination, the Board of Supervisors and the School Board work to determine priorities for new construction, renovations, and other capital facility projects. Projects are prioritized and a five-year plan, including recommended funding, is identified.
• Plan Approval, Ongoing Project Updates

  Once the Board of Supervisors adopts the CIP, current year projects will receive funding to begin work. Throughout the year, for ongoing projects, including major maintenance, or work that began in a prior year, staff continually monitors and reports out on project updates.

CIP Program Overview

The County’s CIP is divided in three major categories:

• General Government 
• Schools
• Utilities

Taking Care of Our Existing Assets

Over the course of the last several CIPs, the county has made significant investment to fund preventative maintenance, repair of capital facilities and infrastructure, and condition assessments; collectively referred to as major maintenance. With strong financial policies to help protect our capital assets, the county is committed to a funding goal of 2.5% of replacement costs for major maintenance on an ongoing basis.

Commitment to Strong Financials

The Board of Supervisors’ established financial policies include the guidelines below which direct any financial decisions on debt issuance. Adherence to these guidelines allows the County to plan for the necessary financing of capital projects while maintaining creditworthiness. In addition, adherence to these policies has enhanced Chesterfield County’s financial position. For more than two decades, Chesterfield County has earned a triple-AAA bond rating, resulting from the robust and diverse economy and record of fiscal conservatism and strong financial management. The triple-AAA rating ensures Chesterfield County can borrow funds for the community’s capital and infrastructure needs at the lowest available interest rates.

Capital Project Financing

When it comes to developing a capital budget, there are multiple options to explore: