Saving tax payer money is something that New Hanover County strives to do everyday. It’s foundational to our strategy and vision of modeling good governance. We want to make sure we use the public resources entrusted to us wisely, and always ensure we are being good stewards.
The county continuously reviews its outstanding debt compared to the current interest rate environment to determine when we should take advantage of lower interest costs. This lowers our expenses so we are able to minimize taxes and fees for our residents and businesses.
New Hanover County also has a triple-A bond rating from both Moody’s Investor Services and Standard & Poor’s Rating Services (the highest rating a county can achieve financially), so it allows us, as a government entity, to get the best possible interest rates available.
With the historically-low interest rates the nation has experienced recently, our Finance Department took the necessary steps to refund several of our outstanding debt issuances that were issued during a time when interest rates were higher. Through this process, the county was able to obtain a much lower interest rate on outstanding debt and see a total net present value savings of over $8.7 million over the remaining life of the debt.
This is great news and an example of the county’s continued focus on stewardship.
For the financial aficionados among us, I’ve outlined those specific savings below:
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