In 2010, Provo voters approved a $39 million bond to build our state-of-the-art recreation center. Always looking for a way to save our taxpayers money, we refinanced this bond last week resulting in a total savings of $3,090,994.
Taking advantage of lower interest rates and the booming local economy made for a smart move and has resulted in a lower property tax rate for Provo taxpayers. For example, there will be an average of $4 reduction per household for a home valued at $200,000. It sounds small but who can argue with a tax reduction? In addition, our bond rating from Standard and Poor’s improved from AA to AA+, just one step below a AAA bond rating.
Thanks to the Municipal Council and city staff for being fiscally conservative and having the interests of Provo taxpayers in mind while making good financial decisions. A solid local economy, coupled with sound budgeting practices and a set of strong financial principles is just good government and adds to the list of things we love about Provo.