Financial Highlights

Debt

Long term debt represents borrowings used to finance the construction and purchase of capital assets used by the City. These are comprised of items for governmental and business-type activities. At the end of FY22, the City has a total outstanding debt of $710.0 Million, including general government, school construction, and utility fund debt.

OUTSTANDING DEBT (IN MILLIONS)

The Commonwealth of Virginia limits the amount of general obligation debt outstanding to 10% of the locality’s assessed value of real property, which is $1.14 billion for 2022. The City Charter further limits this general obligation limit to 7% of the City’s assessed value of real property of $800.4 million. Of the debt shown above, only $441.5 million is general obligation debt that is applicable to the legal debt limits. The City has met both of the legal debt limits.

City Spotlights

Broadband Initiatives

Suffolk City Council and City Staff are committed to obtaining the Governor of Virginia’s goal of universal broadband coverage by 2024, focusing on the large portions of rural, out-lying areas that have little to no viable internet access.

Route 58/Holland Road Corridor Improvements

The 3.1 mile widening project will provide for construction of an additional travel lane both east bound and west bound from Route 58/13/32 bypass to approximately .7 miles west of Manning Bridge Road. The project will include turn lanes, curb and gutter, raised median, enhanced storm water features and a multi-use path and sidewalk to accommodate pedestrians and cyclists.

Suffolk Mass Notification System

This system enables the City to provide its citizens with critical information quickly in a variety of situations, such as severe weather, unexpected major road closures, missing persons and evacuations of buildings or neighborhoods.