County Retains Triple-A Bond Rating, Holds Successful Bond Sale

Graphic that says bonds are a form of long-term borrowing used by many local governments to finance public facilities and infrastructure.
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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.

“All three ratings agencies cited the county’s commitment to the Ten Principles of Sound Financial Management…noted that the county continues to provide additional funding for its retirement while maintaining a structurally balanced budget.” Joe Mondoro, Chief Financial Officer
What Triple-A Bond Sales Mean for Us

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.

Learn More About Our County Budget

 

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