RICHMOND, Va. -- Chesterfield County officials have unveiled a $2 billion proposed budget for fiscal year 2025 that would allocate funding to the Powhite Parkway extension as well as knock a cent off the county’s real estate tax rate.

The pending budget features a bonds-driven package of $300 million in road projects, about half of which would be earmarked for the first phase of construction to extend Powhite to Woolridge Road from its current endpoint near its interchange with Route 288.

Chesterfield intends to issue bonds to finance the road project and would look to pay off the bonds over time with the county’s portion of tax revenue from the Central Virginia Transportation Authority, officials said at a media briefing on the budget Wednesday morning.