Financial Outlook: County Retains Triple-A Bond Rating, Holds Successful Bond Sale
Good news about our financial outlook – Fairfax County retained our Triple-A rating, the highest bond rating 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 $815.9 million since 1975. 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 Citigroup Global Markets Inc. at a low interest rate of 2.66 percent on Jan. 9.
These Series 2018A bonds generated $251.8 million to fund (after costs of issuance) the following project areas:
- Schools: $155 million
- Transportation Improvements and Facilities: $45.8 million
- Parks and Parks Facilities: $23 million
- Storm Drainage Facilities $10 million
- Public Safety: $8 million
- Human Services: $5 million
- Libraries: $5 million
County voters approved these bond projects during elections held from 2012 to 2016.
