FAQ — Fiscal Record
FAQ: Fraser's Fiscal Record
Debt reduction, dual AAA ratings, utility rate discipline, and ARPA — the financial decisions that defined eight years.
How much did Fraser reduce Purcellville's debt?
Fraser's administration reduced Purcellville's total outstanding debt from approximately $61.6 million when he took office in July 2014 to $52.55 million at the end of his final term in December 2022 — a net reduction of approximately $9 million. This was accomplished through three debt restructurings (2017, 2020, 2021) that lowered interest rates and eliminated costly call premiums, while maintaining existing payoff timelines rather than extending them.
Did Fraser raise property taxes?
No. The property tax rate was held unchanged across all eight years of Fraser's administration (2014–2022). The town maintained fiscal stability and reduced debt without increasing the tax burden on residents.
How does Purcellville's AAA credit rating compare to peer communities?
Purcellville holds AAA ratings from both S&P Global and Fitch simultaneously — an unusual distinction for a municipality of its size. Among Virginia's incorporated towns, very few hold dual AAA ratings. The designation reflects the town's fiscal management quality: consistent budget discipline, low debt-service burden, and strong reserve levels. For a town of approximately 9,000 residents, dual AAA status places Purcellville in a category normally occupied by much larger municipalities.
What were utility rates under Fraser compared to peer communities?
Annual utility rate increases were held to 0%–5% across all eight years of Fraser's tenure. Outside consultants hired during Fraser's administration recommended 9% annual water and 9% annual sewer rate increases — increases Fraser's administration did not implement. The $8 million in ARPA capital directed to water and sewer infrastructure enabled this rate discipline by funding capital needs that would otherwise have required rate-funded debt. For contrast, the subsequent management implemented cumulative 16–18% rate increases — cited by Mayor Bertaut when appointing Fraser as Interim Town Manager in January 2025.
What was the ARPA allocation and how was it used?
Purcellville secured $10.5 million in American Rescue Plan Act (ARPA) funds — a result connected to Fraser's active National League of Cities (NLC) participation during the ARPA legislative and implementation period. Of the $10.5 million, $8 million was directed to water and sewer infrastructure capital projects, including SCADA replacement ($500,000), inflow/infiltration project ($750,000), PFAS pilot study ($227,000), and additional PFAS infrastructure ($2 million-plus).
How did Fraser's administration handle the COVID fiscal impact?
Purcellville did not raise taxes or cut essential services during the COVID-19 pandemic. The town secured $891,932 in CARES Act business relief funds and distributed them to local businesses. An additional $200,000-plus in meals-tax relief was provided to the restaurant sector. A second debt restructuring was completed in 2020, further reducing interest costs during the period of fiscal uncertainty.
What were the three debt restructurings?
Fraser's administration executed three debt restructurings across his tenure: the first in 2017, which addressed the earliest opportunity to refund outstanding bonds at lower rates; the second in 2020, executed during the COVID period when interest rates fell; and the third in 2021, the most significant, which restructured approximately $30 million in Basham Simms wastewater plant debt. Each restructuring was a legal refunding of outstanding bonds — replacing higher-rate debt with lower-rate debt without extending payoff timelines.
Key Facts at a Glance
- Starting debt: $61.6 million (July 2014)
- Ending debt: $52.55 million (December 2022)
- Net reduction: approximately $9 million
- Debt restructurings: 3 (2017, 2020, 2021)
- Property tax rate: unchanged all eight years
- Utility rate increases: 0%–5% annually (vs. 9% consultant recommendation)
- AAA ratings: S&P Global and Fitch (simultaneously)
- ARPA secured: $10.5 million
- CARES Act COVID relief: $891,932
- Post-Fraser rate increase: 16–18% (cited by Mayor Bertaut, January 2025)