Our Building Program
Overview of Funding
Wake County is statutorily required to fund the public school capital needs of the Wake County Board of Education. The County strives to use approximately 80% debt and 20% cash to annually fund the capital needs. For the debt component, the County typically pursues the issuance of General Obligation Bonds through a voter authorized public referendum. Most recently in November 2018, Wake County voters approved $548 million of General Obligation Bonds for the construction, renovation and equipping of school facilities in FY2020 and FY2021. For the debt component of the FY2022 and FY2023 Continuous Building Program, the County instead has elected to pursue the issuance of Limited Obligation Bonds which do not require voter authorization. The County has made no decisions regarding the future debt funding method for remaining years of the FY2022-FY2028 Capital Improvement Program.
Continuous Building Program
In May 2021, the Board of Education approved a seven-year building plan that includes schools that are planned for funding between FY 2022 and 2028. The scope and timing of the schools in this seven-year plan are subject to change. This approved seven-year plan supersedes the plan approved by the Board of Education in May 2020. The projected cost for this time period is $2.483B. This includes 15 new schools (nine elementary, two middle, three high, and one combo middle/high) along with six major renovations (five elementary and one TBD school). Additionally, the plan includes life-cycle equipment replacement, educational equipment and furniture replacement, technology and security, land acquisition, environmental/ADA issues, mobile relocations, unique learning environments (SNAP and PRIMP), facilities assessments, program management, and program contingency.
Funding for the first schools in the program is expected in Fall 2021. There are other facility needs in the school system that are not funded in the seven-year plan. They will be evaluated in the next update, which is anticipated to be complete in late spring 2022 when FY 29 is included in the projections.