Finance Update - May 27, 2026 - BOS meeting

The Chesterfield County Board of Supervisors held a finance update meeting on May 27, 2026, focusing on several procurement and budget-related topics. Key discussions included the potential creation of a new Community Development Authority (CDA) for infrastructure funding, specifically a $6 million road project in the Sawmill area, which would be financed through assessments paid by new homeowners without impacting the county's debt capacity. The board also reviewed proposed changes to a residential tax exemption program aimed at encouraging rehabilitation of older homes, with a focus on targeted residential properties and administrative improvements. Additionally, the board considered the removal of a service district tax increment related to a long-standing intersection improvement project, which would provide more financial flexibility for future infrastructure needs. The meeting covered updates on bond financing, including upcoming resolutions for general obligation and revenue bonds to fund school and facility modernization projects, with an emphasis on efficient use of Economic Development Authority conduit financing. Budget amendments totaling approximately $3.7 million were presented, primarily funded by bond interest earnings and grant opportunities for school improvements. The board was also informed about the recommendation to decline participation in a state-supported one-time bonus program for employees due to equity and cost concerns. Finally, minor adjustments to HUD CDBG allocations were noted for existing housing assistance programs. No votes were explicitly recorded in the transcript, but several items were slated for future board consideration and public hearings.