City of Falls Church:
“Falls Church City Manager Wyatt Shields was slated to
review a range of options for the use of net cash proceeds of about $14 million
from the sale of the Falls Church Water System to the Fairfax Water Authority
at a F.C. City Council work session Wednesday night, in advance of a Feb. 3
work session to which he’s invited professional consultants to ‘provide some
independent suggestions on the use of the one-time proceeds from the sale.’
Options mulled so far have included investment in the City’s
pension plan that could reduce the City’s annual required contribution by $980,000,
use of the funds for ‘pay as you go’ to mitigate cost of capital improvement
projects now on the drawing boards (such as a new high school), and the
formation of an endowment that could generate $371,000 to $651,000 per year.”
~ Writes the Falls
Church News-Press
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