The Fairfax County School board last night approved a plan to borrow as much as $130 million to consolidate its headquarters into an office building that the district would purchase in the Falls Church area.
The investment would come as board members are launching an exhaustive budgetary review to find savings to meet a projected shortfall of $150 million. But board members said the investment would save money in the long term, even as school officials acknowledged that costs would outweigh savings by as much as $2.9 million in the first eight years of the loan, starting in fiscal year 2013.
"This is the right thing to do, at the right time, for all the right reasons to help us support the children of Fairfax County," said board member Stuart D. Gibson (Hunter Mill).
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