A Strong Economy Helps Save Loudoun Millions of Dollars on Upgrades
Upgrades can proceed on 12 Loudoun County public schools, three major roads, three fire stations and the animal services facility, thanks in part to a strong local economy.
Businesses contribute to the corporate tax base, which in turn helps fund these and other capital infrastructure projects. But that’s not the only way that businesses save residential tax dollars.
In May, the county announced major bond sales in order to fund these projects, with a low-interest rate of 2.28 percent. That low rate is based on another year of triple-A ratings from Moody’s, Fitch and S&P Global on general obligation bonds.
Loudoun County has held the triple-A rating from Moody’s since 2004, and from Fitch and S&P Global since 2005.
This AAA rating is important to taxpayers (both businesses and residents) because it helps the county get the best possible interest rates to finance capital projects, saving millions of dollars in interest.
At the end of May, all three bond rating agencies analyzed the county, looking at key metrics of our community.
Moody’s specifically highlighted Loudoun’s “sizeable and diverse tax base with strong long-term growth potential, above-average wealth levels, consistently solid financial performance, and a manageable debt burden.”
Even after decades of sustained growth, the future is bright in Loudoun.
“Once again, Loudoun’s strong financial management, conservative debt profile and robust economy have been recognized by Wall Street credit rating agencies,” said Supervisor Matt Letourneau, Chairman of the Board’s Finance, Government Operations and Economic Development Committee. “The Board and our staff have carefully managed our finances and our capital program to provide our citizens with much-needed infrastructure financed at the lowest possible interest rates.”
Kicking off the fiscal year 2020, Loudoun is again enjoying another record-breaking year of economic development.
FY19 brought in $6.4 billion in new commercial investment, which helps fund projects that improve the lives of county residents, as well as keep the costs down when a project is financed.
That’s #LoudounPossible success.
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