What is the plan and what is the plan going to accomplish?
SPSA is in a dire circumstance that could force SPSA to go completely out of business within a matter of weeks if significant steps are not taken. Developed by the region’s City and County Managers (CAOs) working with the Virginia Resources Authority, the plan increases localities’ costs as well as restructures the debt in the most fiscally sound, business-like, and cost-effective means available at this point. The CAO plan gives SPSA and its member organizations [Chesapeake, Franklin, Isle of Wight County, Norfolk, Portsmouth, Southampton County, Suffolk, Virginia Beach] time and resources to address the debt issue and ways to meet every day expenses. The plan will also give time for SPSA to sell assets in an orderly manner to maximize proceeds from the sale of assets.
