FY2022: Fraser's Final Fiscal Year as Mayor

Fiscal year 2022 — running from July 1, 2021 through June 30, 2022 — was the final full fiscal year of Kwasi Fraser's tenure as Mayor of Purcellville. It was the year in which the cumulative results of eight years of financial management became most clearly visible. Long-term debt stood at $52.55 million, down from $61.6 million when Fraser had taken office. AAA ratings from both S&P Global and Fitch were intact. The Aberdeen Nutrient Credit Bank was generating revenue. The $10.5 million ARPA allocation had been programmed into water and sewer infrastructure. General Fund debt was on track for retirement by 2034.

Debt Position

The town's long-term debt on July 1, 2022 was $52.55 million — a reduction of approximately $9 million from the $61.6 million recorded on the same date in 2014. This reduction was achieved through three debt-restructuring transactions (2017, 2020, 2021) and normal amortization of debt principal over eight years, without raising the real estate tax rate and while holding utility rate increases to a 0%–5% annual range.

The General Fund portion of the debt was structured through the 2021 restructuring for full retirement by 2034 — twelve years from the end of FY2022. This defined retirement horizon was a measurable outcome of the three-restructuring strategy that had spanned nearly the entire Fraser tenure.

Dual AAA Credit Ratings

Both AAA ratings — from S&P Global (maintained continuously since Fraser took office in July 2014) and from Fitch Ratings (added during his tenure) — were intact at the close of FY2022. The dual-AAA standing made Purcellville one of the smallest municipalities in Virginia to hold the highest rating from both major agencies simultaneously.

Aberdeen Nutrient Credit Bank Revenue

The Aberdeen Property Nutrient Credit Bank, launched in June 2021, had produced more than $900,000 in revenue through the sale of 75 to 76 nutrient credits priced at $20,000 to $30,000 each by the time Fraser departed office in December 2022. This revenue stream entered the town's budget as a non-tax, non-rate income source — an ongoing return from the 111,000-tree conservation investment on 93 to 95 acres of town-owned land.

The $900,000-plus in nutrient credit revenue, combined with the $10.5 million ARPA allocation programmed during the same period, meant that FY2022 and the surrounding fiscal years were marked by significant non-debt, non-rate capital and revenue inflows that strengthened the town's financial position independent of rate increases or new borrowing.

ARPA Infrastructure Program

Of the $10.5 million ARPA allocation secured through Fraser's National League of Cities advocacy, $8 million had been directed to water and sewer infrastructure by the close of FY2022:

• $750,000:Inflow/infiltration (I&I) remediation
• $500,000:SCADA system replacement
• $227,000:PFAS Pilot Study Grant
• $2 million-plus:Additional PFAS-related infrastructure

Concurrent Achievements

The fiscal picture at the close of FY2022 did not exist in isolation. The same period saw:

• Purcellville Police Department completing its fifth consecutive VLEPSC reaccreditation
• Fraser's May 9, 2022 attendance at the White House broadband affordability announcement
• Continued Tree City USA designation — fourteenth consecutive year during his tenure
• Makersmiths in continued operation at 785 South 20th Street
• Purcellville Cannons collegiate baseball and Babe Ruth League anchored at Fireman's Field