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Davenport affirms Fairfax City’s AAA ratings; staff warn school tuition spike and project borrowing will press future budgets
Summary
Davenport and the city CFO reported the city’s two AAA credit ratings were reaffirmed. Staff said FY25 shows a projected $1.4M shortfall driven by a $7.2M tuition bill increase; fund balance remains above policy and a proposed school referendum and future borrowing were discussed.
Davenport & Company, the city’s financial adviser, and City Chief Financial Officer J.C. Martinez briefed the council on Jan. 28 and confirmed that Fairfax City retains two triple‑A credit ratings — a position Davenport described as rare and advantageous for borrowing costs.
“Kyle Laux of Davenport said, “You as a city enjoy two triple‑A credit ratings,” noting the ratings were reaffirmed in a recent review. Davenport emphasized the city’s strong, diverse tax base, formal financial policies and low long‑term liabilities as reasons for the affirmation.
Martinez presented the city’s second‑quarter financial review for fiscal year 2025 and said the city was projecting a $1.4 million negative variance for FY 2025 based on the information available as of Jan. 14. Total revenues are running about 3.2% — roughly $6…
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