News

Council Mulls Options for Water Sale Proceeds

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.