We expect that challenging budget decisions will have to be made in the next few months as work is done on the Fiscal Year 2018 Budget (effective July 1, 2017). However, we received good news this week about the county’s financial outlook. Fairfax County retained our Triple-A rating, the highest bond ratings available by all three national ratings agencies: Standard & Poor’s, Fitch Ratings and Moody’s Investors Service.
The high bond ratings mean that the county can sell its municipal bonds at a very low interest rate, saving millions for taxpayers, estimated at almost $800 million to date. This enables us to use those funds to renovate and build schools and police stations and other critical infrastructure needs.
The favorable bond ratings enabled us to sell bonds to Morgan Stanley and Company at a low interest rate of 2.87 percent on Jan. 24.
These Series 2017A bonds generated $259.4 million to fund (after costs of issuance) the following project areas:
- Schools: $155 million
- Transportation Improvements and Facilities: $50 million
- Parks and Parks Facilities: $20.3 million
- Public Safety Facilities: $20 million
- Libraries: $4 million
- Flood Control: $9 million
County voters approved these bond projects during elections held from 2007 to 2016.