Fitch Ratings has reaffirmed Queen Creek's AA+ bond rating as the town plans to issue an excise tax bond for key infrastructure projects. This move allows the town to fund transportation and public safety improvements without raising taxes on residents, reflecting the town's strong financial health.
Meeting last Wednesday, the Town Council passed Resolution No. 1616-24 unanimously, setting in motion Queen Creek's plan to issue an excise tax bond amounting to $75 million. Scott McCarty, the Deputy Town Manager and Chief Financial Officer stressed the importance of the bond rating in curbing interest costs. McCarty explained, "These rating affirmations are key in securing lower interest rates," and noted that the latest financial strategies will underwrite essential improvements without weighing down the town's budget with additional debt, according to Queen Creek Town Hall.
Designated for an array of public safety initiatives, $50 million of the bond's total will pave the way for a police and fire training facility, a blueprint for a new police headquarters with a parking garage, and a vehicle maintenance hub for the police fleet. Since the formation of its police department early last year, Queen Creek has been strategizing to meet its infrastructure needs through meticulously drafted master plans. Remarkably, the set-aside funds for these plans indicate the projects' prioritization and alignment with the town's long-term goals.
An investment of $25 million is also earmarked for transportation – a critical area for Queen Creek's burgeoning populace and economy. The bond allows us to fund the non-growth share of infrastructure without adding new taxes." This maneuver supports the town's aspirations for enhanced roadway infrastructure identified in the 10-year Capital Improvement Plan, solidifying avenues for sustainable growth and mobility.
The bond issuance reflects Queen Creek's strong fiscal management and growing economy, supported by projects like the LGES battery manufacturing facility. The town's credit ratings highlight its positive economic outlook and financial discipline. For more details on the town's plans and finances, visit the official Queen Creek website or check reports from Fitch Ratings and Standard & Poor's. For further inquiries, Constance Halonen-Wilson, the Communications & Marketing Manager, can be reached at 480-358-3195 or through email at [email protected].
