County outlines $2.9B school funding plan and $412M for fiscal year 2026

The Wake County government meeting held on April 7, 2025, focused on the capital funding strategy for the upcoming fiscal year 2026, with significant discussions surrounding education and infrastructure funding.

The meeting began with a review of the county's borrowing rates for both short-term and long-term debts, noting adjustments to the short-term borrowing rate for the next few fiscal years. The county emphasized its commitment to ongoing monitoring of these financial assumptions.

A major highlight was the proposed capital funding plan for education, which totals $2.9 billion over seven years. This plan includes $2.48 billion in debt funding and $482 million in cash funding. For fiscal year 2026, the proposed capital funding for schools is set at $412.8 million. The county plans to fund the next two years of school capital needs through a draw program, with a bond question for public schools scheduled for the November 2026 ballot, estimated at $698.6 million. The anticipated tax impact for this bond is approximately 0.4 cents per penny.

Wake Technical Community College is also set to receive significant funding, with a total of $425.8 million planned over seven years, including $410 million in debt funding. The proposed funding for fiscal year 2026 is $91 million, which falls under a previously authorized bond from November 2022.

In addition to education, the meeting addressed various county capital projects. A $142 million bond for library projects was authorized by voters, with the first debt issuance expected in fiscal year 2026, estimated at $54 million. Other proposed funding includes $41.6 million for human services and $68.8 million for emergency medical services.

The meeting also outlined several infrastructure projects, including renovations and expansions for various county facilities. Notable projects include a $146 million expansion of the detention center and a $57 million animal control shelter, both of which are planned for funding in fiscal years 2027 and 2028.

Overall, the meeting underscored Wake County's strategic approach to capital funding, with a strong emphasis on education and essential services, while preparing for upcoming voter decisions on significant bond measures. The county plans to continue refining its funding strategies as it moves forward.