Message Mayor’s

On behalf of the Suffolk City Council, it is my pleasure to present the 2022 Popular Financial Report to our citizens. The past year has been another remarkable twelve months for the City of Suffolk. We continue to attract significant growth as families and businesses recognize that there are unlimited opportunities and a superior quality of life within our 430 square miles.

We are in an enviable position in that our greatest challenge is managing new growth within the City. We must remain focused on ensuring our growth is well planned, preserves the unique character of our city, and is designed to enhance the quality of life for all citizens.

The City’s Triple AAA Bond Rating was reaffirmed this year by all three rating agencies. Fitch, Moody’s Investors Service and S&P Global Ratings all recognized the city’s strong financial position. Our fiscally conservative approach to budgeting combined with strong management and an outstanding forecast for the future are key considerations in achieving this coveted designation. The Triple AAA rating allows us to borrow at the lowest rates in the market saving Suffolk’s taxpayers millions of dollars in debt service.

Economic uncertainty has been a top concern for many Americans in recent months. Despite the numerous challenges faced by cities nationwide, Suffolk has done exceptionally well. In a recent study by SmartAsset, 494 of the largest cities were analyzed Using metrics such as population growth, income, GDP, businesses, housing and changes in employment. I am pleased to report that the City of Suffolk was the only city in the Commonwealth of Virginia to be amongst the top 100 with a ranking of #76 in the nation. Our city experienced a 3.12% average yearly GDP growth, a 7.75% growth in population, a 9.55% growth in the number of businesses and a 9.28% growth in housing units.

Maintaining this laudable trend will require a significant allocation of resources directed to public safety, infrastructure and education. It should be noted that 61% of local tax dollars were dedicated to public safety and education.

I am elated to report that Suffolk is quickly approaching its goal of enabling access to the internet for all Suffolk citizens. Broadband is an essential service that provides educational opportunities, access to healthcare services and promotes economic growth. The Virginia Telecommunication Initiative (VATI) grant provided significant funds to enable the installation of 2,000 miles of fiber and connect over 12,000 users. Reliable and affordable highspeed internet will now be available to many of our previously under-served residents.

The Route 58/Holland Road Corridor

Improvement project is approaching the halfway mark. This $77 million dollar investment is the largest road improvement project in the history of our city. It will provide substantial traffic mitigation and allow an easier commute for our citizens using this corridor. Completion is projected for December 2024.

We can tout the past, but it is incumbent upon us to prepare for the challenges that lie ahead.

Suffolk is thriving and opportunities are abound for all to enjoy and prosper. I am amazed at what has been accomplished during the past year. Every day we are building and planning for tomorrow.

The City of Suffolk is strong and well positioned for further success. Our vast land mass, business friendly climate, work force, proximity to the Port of Virginia, transportation network and high quality of life continue to support the statement, “It’s a good time to be in Suffolk!”

Mayor Michael D. “Mike” Duman