The Truth Behind Purcellville’s Finances: exposing misinformation and fiscal ignorance

By Kwasi Fraser, former Purcellville Mayor

It was my intention to step away from politics after serving you for four terms as Mayor, but I still live in this town, and what I see happening compels me to speak up. Misinformation is being spread by individuals who clearly lack even a basic understanding of finance. I can’t, in good conscience, remain silent while this occurs.

Today, I came across an article from Town Council candidate John-Mark Gardner in the October 17, 2024, edition of Loudoun Now. On page 26, Mr. Gardner rails against the so-called “toxicity” of Purcellville politics and promotes the idea that conspiracy theories and confusion are being sowed. Ironically, immediately after this, he does precisely that—by misrepresenting our town’s financial standing.

Mr. Gardner claims that Purcellville currently owes $59.6 million, citing this debt as primarily stemming from bonds issued for water and sewer treatment. This statement is simply false. The actual figure is less than $50 million. What Mr. Gardner has done is lump in interest payments—interest that may or may not be paid over the next 16 years—as if this were debt we owe today. 

This is a fundamental misunderstanding of debt finance, one that borders on negligence, especially coming from a candidate who advocates for increasing our water rates by double digits, even though our water fund is now generating annual revenue that is over five times the annual debt payment. 

Is Mr. Gardner deliberately sowing confusion? Or is this an example of ignorance about basic financial principles, like the wisdom of refinancing and the time value of money? Either way, this misinformation seeks to discredit the work we did together during my time in office. From July 1, 2014, to July 1, 2022, we reduced our town’s debt from $61.6 million to $52.55 million—hard facts backed by a solid record of fiscal responsibility.  

Further, Mr. Gardner, Mayor Milan and their team seem blind to the value of our strategic debt restructuring and refinancing efforts. These decisions were about putting hard-earned money back into the pockets of our taxpayers, relieving the heavy burdens on households while reducing the debt. 

The enormous debt was not of our making; it was thrust upon us in 2011, when the annual sewer debt payment skyrocketed from $744,000 to an overwhelming $2.69 million, all under the leadership of the previous mayor and town council—who incurred tens of millions in new town debt to upgrade our sewer plant for future growth. No responsible municipality could look at such a situation and suggest that we should forgo refinancing and place an undue strain on families to pay off an asset with a 30-year lifespan, using resources they simply don’t have. We acted with foresight and responsibility for the sake of our community’s future.

Let me be absolutely clear: I will be casting my vote for Team Mayberry—the only candidates who have shown a true grasp of municipal finance and debt management. They understand how to strike the right balance between the needs of taxpayers and the demands of sound fiscal policy. Purcellville deserves leaders who can cut through the haze of confusion and stay focused on the facts, not misleading narratives.