The Yavapai County Board of Supervisors will save the residents of Yavapai County nearly $1.8 million when the budget, scheduled to be voted on next month, is approved.
“Yavapai County has very little debt, and the little we do have, we are always looking for ways to reduce,” Yavapai County Chairman Thomas Thurman said.
By refinancing the debt, and getting a lower interest rate, Yavapai County expects to save just under $200,000 a year, or what works out to be almost $1.8 million over the remaining 10-year life of the loan.
“The Budget for this coming fiscal year is up nearly 11 percent, but that increase is due in large part to the one-time addition of a refinancing loan, at the lower interest rate, to pay off the old debt with the additional savings,” County Administrator Phil Bourdon said.
Yavapai County in past times of economic downturn has used its financial reserves to avoid raising taxes. This was the case several years ago when the state shared revenues declined dramatically along with county revenues because of many economic factors. The Yavapai County Board of Supervisors cut expenses and asked the Flood and Library Districts to reduce their levy and utilize reserves to help the county keep taxes down while maintaining the critical services Yavapai County residents have come to expect. This year the Flood Control District will raise their levy and regain about half of what was reduced a few years ago. This increase will allow them to continue the important work they do in monitoring and mitigating flood issues.
So what does this mean to you? The Flood Control District portion of the property tax on a home worth $100,000 was $19.14 last…
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