Editor's note: This is part of an everyday series exploring individual line items in state and local budgets. Read the entire series at www.dailypress.com/watchdog.
GLOUCESTER – Over $38 million of school debt and $12 million of county debt make up Gloucester's long-term debt fund budget.
The budget includes debt that was incurred as far back as 1996, and some that will not be paid off until 2034.
As with any type of loan, each year the county must make payments towards the debt and this year's payments total $5,736,245.
That is $1.1 million more than last year because of a 2013 school bond issued through the Virginia Public School Authority. The 2013 bond alone totaled over $15 million.
The majority, 64 percent, of the county's debt service goes towards school bonds, while 11 percent will go to courthouse debt and 25 percent to the communications system.
This year, the county will pay $604,370 towards the debt on the courthouse and $1,452,058 towards the debt on the communications system.
For the schools, the county will pay a total of 3,669,667 in debt, including payment towards Public School Authority bonds, literary loans, and interest.
In addition, the county will pay $10,150 in fiscal agent fees.
Hubbard can be reached by phone at 757-298-5834Copyright © 2015, The Baltimore Sun