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Finance team saves Norfolk taxpayers over $16 million, reports say

Posted at 1:47 PM, Aug 27, 2019
and last updated 2019-08-27 13:47:19-04

NORFOLK, Va. – Significant savings for three general obligation refunding bond sales has saved over $16.2 million over the life of the bonds, reports say.

Norfolk’s team of financial experts watched on the market so when the conditions were favorable and interest rates dropped, they moved quickly to bring the refunding bonds to market.

“This process is similar to refinancing a home and I am extremely proud of our finance staff who monitored the trends and moved at the right time to take these bonds to market. Norfolk has nearly a billion dollars of general obligation debt. The savings realized in the three bond sales will free up taxpayer dollars for future needs,” said Catheryn Whitesell, Deputy City Manager.

To learn more about the city’s financial position, read the award-winning Comprehensive Annual Financial Report or Popular Financial Report.