$400 Million Bond Sale to Fund Schools, Safety; AAA Rating Affirmed

Fairfax County successfully held a $400 million general obligation bond sale on Jan. 22, securing a competitive interest rate of 3.57%, significantly lower than the national average of 4.28% for similar bonds. The county’s triple-A bond rating—affirmed by Moody’s Investors Service, Standard & Poor’s and Fitch Ratings—helped secure this favorable rate, allowing the county to borrow at a lower cost than many other local governments.

The proceeds will fund key projects including:

• $230 million for schools
• $55 million for public safety
• $44 million for transportation
• $25 million for parks and park facilities
• $25 million for human services and community development facilities
• $21 million for libraries

This year’s bond sale is the first under the county’s new $400 million annual bond limit, an increase approved as part of the fiscal year 2023 adopted budget plan. Voters authorized these bonds through referenda held between 2015 and 2024. 

“Fairfax County continues to benefit from its commitment to sound financial management principles,” said Chief Financial Officer Christina C. Jackson. “This bond sale allows us to maintain investments in critical infrastructure and services that support our community.”

Ahead of the sale, the county’s triple-A bond rating and stable outlook were reaffirmed by Moody’s, Standard & Poor’s and Fitch. Fairfax County is one of only 53 counties nationwide to hold this prestigious rating from all three agencies. The ratings reflect the county’s fully funded reserves, structurally balanced budget and continued investment in retirement plans.

Fairfax County’s AAA rating from Moody’s dates to 1975, while its AAA ratings from Standard & Poor’s and Fitch were first achieved in 1978 and 1997, respectively. The county’s triple-A bond rating has saved taxpayers an estimated $1.06 billion in borrowing costs.

For more information about Fairfax County’s bond program or financial management, visit the Department of Management and Budget website at fairfaxcounty.gov/budget.