The Fairfax County government will not be imperiling its coveted AAA bond rating despite taking on an estimated $2.26 billion in new debt in coming years, county staff told supervisors this week.
Despite the reassurance, staff raised concerns at the Fairfax County Board of Supervisors’ Budget Policy Committee meeting on Tuesday (March 10) that the increasing debt load will put the squeeze on a county budget already facing economic headwinds.
Fairfax County would overhaul its plan for funding facility renovations and other capital projects with bonds under the proposed fiscal year 2027 budget plan presented by County Executive Bryan Hill earlier this week.
Some projects have been deferred, others shifted to Fairfax County Economic Development Authority (EDA) bonds, and still others eliminated from the bond schedule entirely.
The Fairfax County Board of Supervisors voted unanimously Tuesday night (Dec. 9) to raise the maximum base charge for trespass towing by 40% to the new state maximum of $210.
Maximum allowable fees for the drop charge, storage and administration also would increase. The new fees went into effect immediately.
Fairfax County staff have sketched out details of a series of bond referendums for the next five years that would raise just under $2 billion for facility construction and renovation projects.
With both economic uncertainty and higher interest rates causing headwinds, however, alterations could be possible — even likely.
Fairfax County leaders anticipate asking voters to support funding this fall for early childhood education facilities.
Details of the potential standalone bond referendum, including the proposed dollar amount and projects to be supported, will come when County Executive Bryan Hill unveils his fiscal year 2026 budget and related capital-improvement program on Tuesday, Feb. 18.
