Lake Elsinore Council approves refinancing plan to save $80M for taxpayers

During the City Council meeting on May 13, 2025, the Lake Elsinore City Council discussed a significant financial initiative aimed at reducing property tax costs for residents. The council members expressed their appreciation for the city’s financial team, highlighting their efforts to save taxpayers money through refinancing measures.

Councilman Sheridan congratulated the team for their work, noting that the refinancing could save residents between $174 and $680 per parcel. This initiative is expected to result in substantial savings, with estimates suggesting nearly $80 million in total savings across approximately 4,000 parcels. Councilman Manos emphasized that the true interest costs associated with this refinancing are favorable compared to current market rates, showcasing the city’s commitment to financial prudence.

Councilwoman Johnson echoed these sentiments, stressing the importance of these savings for the community and acknowledging that such financial relief is rare in the region. Mayor Pro Tem added that the refinancing would not alter the end dates of the Community Facilities Districts (CFDs), ensuring that residents will still benefit from lower costs without extending their financial obligations.

The meeting concluded with the council members expressing their readiness to move forward with the necessary resolutions to implement these savings, reinforcing their dedication to supporting the financial well-being of Lake Elsinore residents. This proactive approach to managing city finances reflects a broader commitment to enhancing community welfare and reducing the financial burden on homeowners.