To finance large-scale construction and renovation work, the county sells bonds, which allows the county to pay for these projects over time — like a home mortgage. By maintaining its triple-A bond rating, Fairfax County bonds typically are purchased by investors at low rates, saving the county considerable amounts of money that might otherwise be paid in interest. The county estimates that, since 1978, the triple-A rating has saved taxpayers over $1 billion in financing costs compared to industry benchmarks of other issuers of municipal bonds. 

What Is a Bond? Video

The building and renovation of schools are not financed through the school division’s operating funds, but through bonds. Similar to an individual or a family obtaining a mortgage to spread the cost of home buying over several years, bonds spread the cost of capital improvements over a number of years.

To finance large-scale construction and renovation work, including school projects, the county sells bonds, which allows payment for these projects over time versus having to use General Fund dollars up front. 

For more details, see Fairfax County’s frequently asked questions on bonds .

Triple-A Bond Rating

• Fairfax County has maintained a “triple-A” bond rating for decades . Only 53 counties in the U.S. have the top rating from all three rating agencies.
  • The triple-A rating allows the county to accomplish major projects at significant value to county residents.

School facilities are a community asset valued at nearly $9 billion. It’s important to recognize that our facilities are used in ways beyond the traditional school day too. Most public meeting places available in the county are FCPS facilities — often provided free of charge to organizations such as homeowners associations, scouting groups, and cultural and civic groups. We estimate millions of visits by students and community members as they attend almost 500,000 classes, camps, and other programs run by Fairfax County Government agencies in FCPS facilities.

The 2008 renovation queue is on page 44 of the Adopted CIP. A new renovation queue is currently being developed along with a Facility Condition Assessment, which is being completed on all FCPS facilities. More information regarding the existing condition of facilities will inform the next renovation queue and future planned capital infrastructure improvements. You can follow the status of proposed, current, and completed capital projects on the  FCPS Facilities webpage .

Note: Project Status is as of January 2025. To view updated project status, please visit  www.fcps.edu/building-our-future-capital-project-status

Not only do facilities wear out over time, but they also become outdated, both technologically and instructionally. FCPS, therefore, renovates its schools to ensure that students, countywide, have effective and efficient learning environments.

Fairfax County public schools are expected to be usable for 20 to 25 years following completion of construction. Today, the FCPS renovation cycle is 41 years. The School Board is committed to reducing the school renovation cycle to 25 years or less. Renovations can extend the useful life of the school building another 20 to 25 years. A new or renovated school is 40-50% more efficient which supports Fairfax County School Board's phased goal for carbon neutral energy use by 2040. Renovations also help to relieve overcrowding by providing additional classrooms and spaces for required small group and specialized instruction.

FCPS oversees 28 million square feet of school buildings and office spaces. FCPS uses a comprehensive asset management approach that involves detailed inventorying of building systems and major equipment, along with advanced analytics. This identifies system life cycles and optimizes performance through maintenance and replacement strategies.

Building systems are assessed based on condition and criticality, resulting in an industry-recognized asset assessment index (AI). This guides resource allocation for maintenance and replacement, supporting FCPS's commitment to its Resource Stewardship goal.

While major building systems and equipment are tracked, FCPS lacks an asset-level facility condition assessment (FCA) that is needed to better address deferred maintenance and capital renewal prioritization. The Fairfax County School Board (FCSB) allocated $5 million to complete the initial phases of a comprehensive Facility Condition Assessment of all FCPS-owned school buildings, facilities (to include athletic facilities), and infrastructure (to include tracked and untracked).

Implementing an asset-level FCA program through the Office of Facilities Management (OFM) is essential to provide accurate data for capital renewal funding projections and validate the maintenance backlog. Assets such as flooring, plumbing/electrical fixtures, doors/windows, paint, and building exteriors are needed to better determine future renovation priorities.

Examples of the other completed renovation improvements include: upgrading basic systems such as heating, air conditioning, lighting, and plumbing; remodeling libraries; upgrading science and technology laboratories; refurbishing general classrooms; upgrading wiring for multimedia devices; and providing upgraded furnishings and equipment.

Trends of development and housing turnover are inconsistent across the county and continue to present a facilities capacity challenge. Spaces in schools may have become outdated since the buildings were originally built.

Projects funded by the 2025 Bond Referendum may be updated to meet the then-current needs of our students, or may increase space to help relieve overcrowding and/or provide spaces for small-group and specialized instruction.

Additionally, all updates to school facilities are made with  energy efficiency  in mind. FCPS has 220 buildings and over 28 million square feet of building space. These buildings cost tens of millions of dollars to power each year. As the footprint of FCPS continues to grow, conserving energy for cost savings and greenhouse gas emissions reductions is of the utmost importance.

The cost of building and renovating schools has risen dramatically due to inflation, labor costs, and sustainability requirements. These external pressures make it more expensive to deliver safe, modern schools.

FCPS is also committed to meeting sustainability and net-zero goals in school construction. These initiatives align with environmental priorities, but they do increase project costs.

The renovations are based on the 2008 renovation queue, approved by FCSB in 2009. Each year, the school system assesses student enrollment changes, academic programs, and future development  to determine priorities for site acquisition, new construction, and capacity enhancements. 

Capital Improvement Program (CIP) Challenges 2025:

• Bids for current projects are coming in higher than anticipated.
  • Inflationary pressure and supply chain issues
  • Energy and environmental policies
  • FCPS requires all contractors to pay their workers a prevailing wage
• Length of renovation cycle. The division spends a lot of money on upkeep waiting on renovations. Based on current construction costs and future estimates, FCPS’ renovation cycle is now a 41-year cycle.
• Rising interest rates are also impacting debt service on bond sales.
• Original Joint CIP Committee recommendations included setting aside value of one penny on the Real Estate Tax Rate for debt service and paydown
  • $5 million as allocated in FY 2023 (split evenly between County and Schools)
  • Forecast includes additional $10 million investment (also split evenly)

Capacity evaluations are performed each year to determine the capacity utilization for a school, and would be reviewed with any potential boundary changes. The existing renovation queue can be found on page 44 of the Adopted Capital Improvement Program. More information regarding the existing condition of facilities will inform the next renovation queue.

Dedicating funds for project planning into one bond issue and actual construction money into a later bond issue allows timely implementation of the projects without committing the county’s bonding authority for construction costs earlier than necessary. Some projects need additional time for land acquisition, while other projects may require complicated construction designs and government approval procedures. With preplanning, such complicated projects can be completed earlier than they otherwise would have had planning and construction been authorized concurrently.

Routine and preventative maintenance is provided through FCPS operating funds.  FCPS does, however, provide major maintenance and infrastructure replacement projects using a combination of operating and construction funds. Infrastructure projects can fall into one of the following categories:

• Major Maintenance. FCPS allocates $13.5 million per year in operating funds toward major maintenance projects such as flooring and carpet replacements, lighting upgrades, painting, asphalt, concrete repairs, etc.
• Infrastructure Replacement. Fairfax County Government allocates approximately $15.6 million per year to FCPS for  countywide infrastructure replacement and upgrades  such as roofs, plumbing, electrical, and HVAC system replacements.  The County transfer also funds ADA accessibility improvements, IT infrastructure, athletic infrastructure, and parking lot resurfacing projects.
• Facility Improvement Requests. FCPS allocates operating funds to be used for the purchase, installation, and relocation of temporary classroom facilities and the installation and replacement of artificial turf sports fields. Additionally, schools and offices can submit a facility improvement request for minor facility improvements.

Capital Sinking Funds. To supplement the County's adopted annual funding of infrastructure replacement funding, the past 3 years, County Carryover Budget Packages have included additional funds of $9.5 million (FY 2022 Carryover), $9.9 million (FY 2023 Carryover), and $9.5 million (FY 2024 Carryover). FCPS aims to supplement infrastructure replacement and upgrade projects. Sinking funds will be used primarily to address the division’s backlog in HVAC equipment replacements, followed by elevator maintenance and sustainability projects to support the school division’s JET directives

The Joint Environmental Task Force, or JET, was formed in April 2019 by the Fairfax County Board of Supervisors and the Fairfax County School Board. The JET's mission was to join the political and administrative capabilities of the county and the school system to proactively address climate change and environmental sustainability.

Since its inception, the JET’s primary aim was to set and meet aggressive goals in areas of common influence such as workforce development, infrastructure and sustainability of public facilities and transportation, land use planning, communication, and community engagement.  The JET provided a forum for collaboration and alignment of institutional policies and practices.

In October 2020, the JET provided its final report which included 28 individual recommendations within the four focus areas. All recommendations fell under one of the following overarching directives:

• Commit to being carbon neutral by 2040.
• Transition to electric or zero-carbon alternatives for municipal buses by 2030, and for school buses and eligible fleet vehicles by 2035.
• Commit to being zero waste by 2030.
• Partner to create and enhance educational resources, training programs, and green career opportunities for students, adult learners, and working professionals.

The JET directive of being carbon neutral by 2040 requires a significant investment during renovation. To achieve its overarching carbon reduction goal, FCPS has set intermittent targets in the following areas:

• Achieve carbon emissions reductions of 50% by 2030.
• Produce 25% of the division’s energy use from in-county renewable energy generation by 2030.
• Decrease total energy usage from all FCPS facilities by 25% by 2030 and 50% by 2040; and
• Pursue net-zero energy (NZE) performance on all new school construction and major renovation projects for schools that began planning and design in 2021 or later. 

The JET directives, admittedly being lofty and ambitious, present FCPS with an opportunity to review its existing policies and procedures to better align them to meet environmental sustainability – especially regarding transportation, capital improvement, recycling, and workforce development. They also present challenges that need to be prioritized so FCPS can meet, or substantially implement, each recommendation by the target date.

FCPS staff work closely with the Fairfax County School Board to better define and prioritize each JET goal, identify funding, and develop a model for operationalizing each goal to ensure a more sustainable future in Fairfax County.

Energy Savings Performance Contracts (ESPC) are a way to simultaneously improve energy efficiency, address maintenance backlogs and reduce future renovation costs.  ESPCs provide infrastructure upgrades that are paid for over time through energy savings. These improvements, or Conservation Measures (CMs), can include sustainable upgrades like LED and natural lighting, windows and building envelope improvements, high-efficiency HVAC upgrades, etc., and generate equity that can be rolled into other infrastructure projects.

ESPCs are available to all Virginia school divisions through the Virginia Department of Energy  which provides support with contractor selection, third-party project review, attending school board meetings, serving as on-site project manager, and providing Measurement & Verification (M&V) assistance. Fairfax County Government also has an ESPC contract that is available to FCPS for use on a cooperative basis.

By effectively combining ESPCs with renovations and capital infrastructure renewal, FCPS can reduce deferred maintenance and renovation costs and, simultaneously, achieve its joint-environmental stewardship goals

The cost of providing staff members to establish the projects' design criteria, manage the projects, and maintain quality control over contractor work on all projects funded by this bond proposal is included in the contractor's bonded costs. The estimated expense to underwrite and issue bonds is reflected in the bond referendum total as well.

If approved, the bonds will be sold when needed to meet cash requirements for current and future CIP projects. To ensure that Fairfax County's coveted triple-A bond ratings are not jeopardized, the Board of Supervisors' financial guidelines provide that the annual cost of the county's debt service (principal and interest payments) be no greater than 10% of annual combined general fund disbursements. If debt service costs do not increase significantly as a percentage of combined general fund disbursements, the county's bonded debt is not likely to be a contributing factor to any increase in local taxes.

The Board of Supervisors also maintains the county's net long-term debt at, or below, 3% of the total market value of taxable property in the county.

Of the nation’s more than 3,000 counties, Fairfax is among only 53 that have the highest credit rating possible for a local government from all three rating agencies:

• Aaa from Moody’s Investors Service.
• AAA from Standard & Poor’s.
• AAA rating from Fitch Investors Service.

Because of these ratings, Fairfax County’s bonds typically sell at low interest rates.

The Fairfax County Board of Supervisors controls all county bond sales within financial guidelines drawn to ensure that the coveted triple-A bond ratings are not jeopardized.

In addition to our students and teachers, we estimate millions of visits by students and community members to Fairfax County schools. Most of the public meeting and recreational facilities available in the county are FCPS facilities. Fairfax County Public Schools works with the Fairfax County Department of Neighborhood and Community Services and with the Fairfax County Park Authority to ensure that school facilities and athletic fields are available to the public after school hours.

The following are examples of how school buildings are used:

Students

During the school year, approximately 183,000 students use FCPS facilities daily for academic and extracurricular activities.

Community

Most of the public meeting places available in the county are FCPS facilities. In many cases, these facilities are provided free of charge to organizations such as homeowners associations, 4H, scouting groups, county employee organizations, and cultural and civic groups. In addition:

• Over 500,000 events occurred in school facilities.
• 169 schools and centers are used as polling places for general elections.
• 142 schools serve as sites for Fairfax County’s School Age Child Care (SACC) program.
• 116 religious and cultural organizations used FCPS facilities for regularly scheduled activities.

Neighborhood and Community Services

The Fairfax County Department of Neighborhood and Community Services is the largest “outside” user of FCPS facilities. The result is an outstanding recreation program at minimal cost to Fairfax County taxpayers. For example:

• During school year 2023-2024, more than 380,000 individuals participated in recreation activities, with the vast majority using FCPS facilities.
• Community groups used 245 school gymnasium courts during the past year for recreational basketball, volleyball, and other indoor activities.
• 559 school athletic fields, representing 65% of all the fields available in the county, were used in last year’s recreation program.
• Eight schools were used as teen centers.

Park Authority

More than 29,000 community members attended classes, camps, and Rec-PAC programs run by the Park Authority in FCPS facilities.

Adult and Community Education

Enrollment in FCPS Office of Adult and Community Education classes totaled nearly 15,000.

FCPS has a combined value of nearly $9 billion in school facilities and other property assets.  To maintain a safe and effective learning environment between renovations, FCPS applies industry-approved standards for maintenance and infrastructure renewals.

According to the National Research Council (NRC) report  Committing to the Cost of Ownership: The Maintenance and Repair of Public Buildings , “The appropriate level of Maintenance and Repair spending should be, on average, in the range of 2-4% of Current Replacement Valve (CRV).” CRV does not include the costs for renovation and new construction projects or the costs of maintenance and custodial positions.

• The total CRV for FCPS is $8.7 billion.
• FCPS’ total cost of ownership should be between $174 and $348 million or between 2 and 4% of the total CRV.
  • FCPS’ operating budget of $59.8 million represents about 0.69% of the total CRV.
  • FCPS’ budget for major maintenance, infrastructure renewal, and capital funds is $38.6 million, or 0.45% of the total CRV.
• The combined equivalent maintenance and repair for FCPS is $98.4 million, or 1.14% of the total CRV.

In addition to dedicated funds for maintenance and infrastructure replacement. FCPS is also utilizing energy savings contracts and other purchasing vehicles to provide critical system maintenance and renewals between renovations that will better enable FCPS to stay within the industry-recommended percentile of 2-4% CRV.