CITY OF FLAGSTAFF MUNICIPAL CREDIT RISK ANALYSIS — MAY 20, 2026

Executive Summary

This report identifies four adverse credit factors affecting the City of Flagstaff, Arizona, two rated MECHANISM and two rated THRESHOLD, based on public record and real-time data gathered May 20, 2026. The analytical lens is narrow by design: risk identification, not balanced commentary.

The primary adverse factor is federal revenue concentration, specifically the structural dependence on time-limited COVID-19 relief funds comprising 77.8 percent of federal grants in the FY 2024-2025 budget. This finding is rated MECHANISM. The causal pathway is determinate: federal COVID relief is statutorily time-limited; its expiration creates a computable operating revenue gap of approximately $2.1 million unless replaced by sustainable local sources, tax increases, or reserve drawdown. Each available response carries credit cost. The absence of any publicly documented contingency plan for this cliff is itself a governance signal. Bondholder disclosure obligations under SEC Rule 15c2-12 are implicated if this revenue concentration is material and unaddressed in continuing disclosure filings.

The secondary adverse factor is ongoing multi-year litigation against Desert Mountain Energy Corp., a Canada-based helium extraction company, regarding operations near Red Gap Ranch. This litigation has been active since late 2020. The finding is rated THRESHOLD, revised downward from an initial MECHANISM designation following adversarial review. The downgrade reflects the absence of evidence on three critical variables: the amount in controversy, the probability of an adverse judgment, and whether municipal liability insurance would cover any adverse outcome. The existence of litigation does not establish material credit impact. However, the litigation does trigger a separate governance concern: if the contingent liability is material and is not reflected in continuing disclosure filings on MSRB EMMA, that omission is itself a disclosure compliance violation independent of litigation outcome.

Federal transportation grant dependency constitutes a third adverse factor, rated MECHANISM. The Transportation Fund budgeted $6.3 million in federal grants in FY 2023-2024, representing heavy capital-budget reliance on federal appropriations that are inherently subject to Congressional cycles, authorization lapses, and policy shifts. Capital-budget federal dependency is less immediately threatening than operating dependency, but it is material to long-term infrastructure maintenance capacity and bond covenant compliance.

A fourth finding, fire restriction implementation on May 21, 2026, is rated CORRELATED. Stage 1 fire restrictions are routine and preventive; they do not directly implicate operating revenues or expenditures and are not actionable as a credit indicator in the current form.

For institutional bondholders, the most actionable near-term steps are: obtaining the FY 2025 Comprehensive Annual Financial Report to assess reserve adequacy relative to the federal cliff; reviewing MSRB EMMA for continuing disclosure filings on the Desert Mountain litigation; and confirming whether the city's FY 2026 budget has already secured replacement revenue for expired COVID relief funds. Failure to find affirmative evidence of these steps should itself be treated as an adverse credit signal.

Comparable issuers without these specific risk profiles are identified in a dedicated section below. Institutional investors seeking similar yield exposure in university-anchored mountain economy municipalities can find more favorable risk configurations in Bozeman (Montana), Missoula (Montana), Asheville (North Carolina), Ithaca (New York), and Durango (Colorado).

Recent Developments

The following developments have been identified from real-time data gathered May 20, 2026. Each is noted with its bond-risk implication.

Stage 1 Fire Restrictions, effective May 21, 2026. The City of Flagstaff announced that Stage 1 Fire Restrictions take effect at 8:00 a.m. on May 21, 2026. Open burning permits will not be issued. The sale or use of consumer-grade fireworks is prohibited. Charcoal and wood-fired barbecues are prohibited in city parks and open spaces. Open-flame devices without an on/off switch are prohibited on Red Flag Warning days. [1][5]

Bond-risk implication: Stage 1 restrictions are routine public-safety administrative measures and do not affect operating revenues, expenditure levels, debt service capacity, or asset quality in any measurable way. The correlation with Flagstaff's inherent high-altitude wildfire geography is genuine (elevation 6,900-plus feet, forested terrain), but restrictions are anticipated, budgeted, and imposed seasonally. This development does not, standing alone, indicate an emergency spending event. Rating: CORRELATED.

Cedar Avenue Project Road Closure. Cedar Avenue is closed to all traffic from West Street to the Fourth and Lockett roundabout for infrastructure work. The timeline for reopening was not specified in available public records as of this report date. [5]

Bond-risk implication: Capital infrastructure projects carry inherent delivery risk. Cost overrun or schedule delay on Cedar Avenue would require expenditure reallocation or debt issuance if reserves are insufficient. However, no evidence in available records indicates this project is over budget or behind schedule. The finding cannot be elevated beyond THRESHOLD without project-specific cost variance data. Rating: THRESHOLD.

ICE Office Space Leasing in Flagstaff. As of April 15, 2026, Immigration and Customs Enforcement leased office space in Flagstaff. City officials publicly sought additional information about the agency's operational plans. [32]

Bond-risk implication: Federal immigration enforcement activity at the local level carries two distinct risk pathways. First, if the city adopts a formal sanctuary posture in response, it risks retaliatory reduction or elimination of federal grant funding, which would compound the existing federal revenue concentration risk identified below. Second, the political controversy surrounding ICE presence may distract council attention and governance bandwidth from budget and disclosure management. The mechanism is plausible but conditional on city political response; bond-risk materiality is currently THRESHOLD pending formal council action.

APS Public Safety Power Shutoff, April 22, 2026. Arizona Public Service deployed a public safety power shutoff in the Flagstaff area for the first time, in response to fire weather conditions. [38]

Bond-risk implication: A first-ever PSPS event in the Flagstaff region is a data point for the structural fire risk argument. If PSPS events become recurrent, they impose economic disruption on local business activity, suppress tourism revenue during peak periods, and may impose costs on city emergency management. This finding strengthens the structural wildfire risk correlation but does not alone establish a mechanism sufficient for upgrade beyond THRESHOLD. Bond-risk implication is long-term and speculative in current form.

Data Center Ban Consideration. As of May 8, 2026, the Flagstaff City Council was actively considering a ban on any future data centers within city limits. [9]

Bond-risk implication: This is a material economic development signal. Data centers represent high-wage employment, large property tax base, and substantial utility revenue. A categorical prohibition, if enacted, signals a council preference that actively constrains future commercial revenue diversification. The mechanism: reduced commercial development opportunity leads to sustained revenue concentration in tourism and university-related activity, increasing volatility of the tax base. Rating: MECHANISM if ban is enacted; THRESHOLD pending final council vote.

Navajo Nation Renewable Energy Credits Negotiation. The city has been exploring renewable energy credit purchases from the Navajo Nation as a mechanism toward its 2045 General Plan sustainability commitments. [6]

Bond-risk implication: Long-term energy procurement commitments carry multi-decade cost exposure. If renewable energy credit prices rise or the agreement contains escalation provisions, the city faces increasing utility cost burdens. The 2045 General Plan sustainability goals, if embedded in capital commitments, can create off-balance-sheet exposure. Rating: THRESHOLD pending review of contract terms.

2045 General Plan. The city's 2045 General Plan has drawn attention from state-level commentators as ambitious in its regulatory scope, including land-use controls, sustainability mandates, and density restrictions. [7]

Bond-risk implication: Highly restrictive zoning and land-use policy can constrain housing supply, suppress population growth, and limit commercial development, each of which reduces long-term property and sales tax base growth. Rating: MECHANISM if verified against population and revenue trend data.

Risk Factor Analysis

Finding 1: Federal COVID Relief Cliff — $2.1 Million Revenue Exposure Rating: MECHANISM

The FY 2024-2025 budget discloses federal grants totaling $2.7 million, of which $2.1 million is classified as COVID Relief funding. [39][40] This concentration represents 77.8 percent of total federal grant revenue in a single time-limited source.

COVID-19 relief funds were authorized under the American Rescue Plan Act and related legislation with explicit statutory expiration provisions. Unobligated ARPA funds were required to be obligated by December 31, 2024, and expended by December 31, 2026, subject to Treasury Department enforcement. This creates a deterministic revenue cliff: regardless of city governance quality, these funds will cease to flow.

The mechanism pathway operates as follows. COVID relief funds expire per statute. A $2.1 million annual operating gap emerges. The city must choose among four responses: raise local revenues through taxes or fees, cut services or staffing, draw down operating reserves, or increase debt issuance. Each response carries a bond-credit cost. Tax increases face political friction in a constrained political environment. Service cuts reduce the quality of essential services pledged in bond covenants. Reserve drawdown erodes the liquidity buffer that ratings agencies use to calibrate credit quality. Debt issuance increases debt service burden relative to revenue.

Critically, the knowledge base provides no evidence that the city has publicly disclosed a contingency plan for this cliff. No budget message, council resolution, or EMMA continuing disclosure filing has been identified that addresses the expiration of COVID relief revenue and the planned replacement mechanism. This absence is itself adverse. Under SEC Rule 15c2-12, issuers with continuing disclosure agreements are obligated to notify bondholders of material events affecting their financial condition. A $2.1 million revenue cliff — if not addressed in the FY 2026 budget or disclosed in continuing disclosures — represents a potential disclosure compliance gap.

Confounds: The city may have already secured replacement federal transportation or infrastructure grants under the Infrastructure Investment and Jobs Act. The FY 2026 budget, not available in current knowledge base, may already reflect this substitution. Reserve fund adequacy is unknown; if operating reserves exceed 120 days of expenditure, the cliff may be absorbable without structural deficit. The city's growing university and tourism tax base may have generated sufficient revenue growth to offset the gap naturally.

Actionability is conditional. If verification shows reserves below 60 days operating expense and no replacement revenue secured, this finding should be elevated to CAUSAL. If reserves exceed 90 days and replacement revenue is documented, the finding may be resolved.

Finding 2: Desert Mountain Energy Litigation — Contingent Liability Uncertainty Rating: THRESHOLD

The City of Flagstaff has maintained active litigation against Desert Mountain Energy Corp., a Canadian helium extraction company, regarding operations near Red Gap Ranch since late 2020. [22][23][25][27][29] The litigation has spanned at least one appellate rejection of the city's request for review and a new lawsuit filing after the original claim was ruled non-renewable by a judge. This multi-phase procedural history documents five-plus years of unresolved legal conflict.

An initial MECHANISM rating was overridden following adversarial review. The reason for downgrade is categorical: the existence of litigation does not establish material credit impact. Three variables are entirely absent from the available record: the amount in controversy, the probability of adverse judgment as assessed by city legal counsel, and whether any adverse judgment would be covered by municipal liability insurance. Without these three data points, the mechanism pathway — adverse judgment reduces fund balance and debt service coverage — cannot be confirmed as applicable.

The adversarial review identified a second error in the initial analysis: the five-year litigation duration was initially treated as an adverse signal. Duration is ambiguous without procedural context. Extended litigation may reflect a city holding a strong defensive posture while a resource-constrained foreign corporation delays, or it may reflect a weak city position being litigated to avoid political accountability. Both interpretations are available; neither can be confirmed without procedural history.

What remains actionable from this finding is a discrete governance concern that operates independently of litigation outcome. Municipal issuers are required to disclose material contingent liabilities in their annual financial statements and in continuing disclosure filings. If the Desert Mountain litigation is material by any reasonable measure — amount in controversy exceeding five percent of fund balance is a common threshold — and it is not reflected in EMMA continuing disclosure filings, that omission constitutes a disclosure compliance failure under Rule 15c2-12. This governance failure is a credit negative independent of whether the city ultimately wins or loses the case.

Confounds: The case may already be at a stage where legal counsel has concluded an adverse outcome is unlikely (summary judgment predisposition, favorable appellate rulings). The amount in controversy may be below materiality thresholds for a city of Flagstaff's budget size. The city may have municipal liability insurance that covers the full range of potential adverse outcomes. Any of these conditions would render this finding CORRELATED rather than THRESHOLD.

Finding 3: Federal Transportation Grant Concentration — $6.3 Million Capital Budget Exposure Rating: MECHANISM

The Transportation Fund budgeted $6.3 million in federal grants for FY 2023-2024. [39][40] Federal transportation funding flows through the Federal Highway Administration, Federal Transit Administration, and related agencies under multi-year surface transportation authorization bills. These authorizations are subject to Congressional reauthorization every five to six years, creating periodic cliff risk at the capital-budget level.

The mechanism pathway: federal transportation appropriations are subject to political and economic disruption, including authorization lapses, continuing resolutions that constrain new project starts, and policy-driven reallocation away from the types of projects Flagstaff has historically funded. Reduction or delay forces one of three responses: service cuts to transportation programs, local revenue backfill through municipal bonds or local taxes, or deferred maintenance. Deferred maintenance on transportation infrastructure reduces asset quality, increases future liability, and can trigger bondholder disclosure obligations if the deferral is material.

Capital-budget federal dependency is structurally less threatening than operating-budget dependency because capital projects can be phased and deferred more readily than operating services. However, Flagstaff's high-altitude geography creates unique infrastructure cost pressures — road maintenance in freeze-thaw cycles, elevation-specific engineering requirements — that make deferral more costly in the long term than in lower-elevation peer cities.

Confounds: Federal surface transportation authorization is typically stable within its authorization window, and current authorization extends through the mid-to-late 2020s depending on the program. Flagstaff may have diversified capital funding through state grants, local option sales taxes, and development impact fees. The city may have secured long-term federal commitments rather than year-to-year appropriations.

Finding 4: Governance Quality — Data Center Ban and Land-Use Restriction Risk Rating: THRESHOLD (Pending Final Council Action)

The council's active consideration of a categorical ban on future data centers signals a pattern of economic development restriction that, when combined with the restrictive 2045 General Plan, raises concern about long-term commercial tax base growth. [7][9]

A municipal economy that restricts commercial development through categorical prohibitions — rather than performance-based standards or targeted restrictions — compresses the future tax base. The mechanism: constrained commercial development reduces future property tax and utility revenue growth; static or shrinking commercial base increases the proportional burden on residential taxpayers and on state-shared revenues; over time, this produces structural revenue inadequacy relative to service obligations.

This finding is rated THRESHOLD because the data center ban is not yet enacted and the 2045 General Plan's actual economic effect has not been measured. However, the directional signal is adverse: a council that categorically bans data centers, imposes ambitious sustainability mandates, and supports restrictive land-use controls is demonstrating governance preferences that prioritize non-revenue considerations over commercial development. For bondholders whose security depends on the long-term growth of the city's tax base, this governance posture is a structural adverse factor.

Finding 5: Disclosure Compliance Signal

Rating: MECHANISM

The combination of unresolved material litigation and federal revenue cliff creates a computable disclosure obligation. Under SEC Rule 15c2-12, continuing disclosure agreements require notification of material events including rating changes, payment defaults, adverse tax opinions, and events affecting the security or source of repayment of bonds. Material contingent liabilities and structural revenue changes that affect debt service coverage are required disclosures.

The mechanism: if Flagstaff has not filed EMMA continuing disclosures addressing the Desert Mountain litigation contingency and the COVID relief cliff, and if these items are material by standard municipal finance thresholds, the city is in violation of its continuing disclosure obligations. Disclosure violations are treated as adverse credit signals by all three major rating agencies and can trigger investigation by the SEC's Office of Municipal Securities.

The MSRB EMMA platform is publicly accessible and this finding can be verified immediately by any institutional investor.

Local Developments and Bond Risk

Flagstaff did X, via mechanism, bond-risk translation section follows.

Flagstaff is considering banning data centers categorically. [9] This implicates the credit profile via the commercial tax base mechanism: categorical exclusion of high-tax-yield commercial uses restricts future revenue diversification, increases structural reliance on the existing tax base, and signals a governance pattern that may continue to restrict commercial development. The rating is MECHANISM, conditional on enactment.

Flagstaff is in active litigation with Desert Mountain Energy since 2020. [22][23][25][27][29] This implicates the credit profile via the contingent liability mechanism: unresolved litigation creates an indeterminate liability that must be disclosed to bondholders if material. The litigation's multi-phase procedural history — including one appellate rejection and a re-filed complaint — indicates complexity and duration unlikely to resolve quickly. The rating is THRESHOLD on credit impact; MECHANISM on disclosure obligation.

Flagstaff budgeted 77.8 percent of its federal grants as COVID relief in FY 2024-2025. [39][40] This implicates the credit profile via the revenue cliff mechanism: statutory expiration of these funds creates a deterministic $2.1 million operating gap requiring documented response. The absence of any public contingency plan is a governance signal. The rating is MECHANISM.

ICE is leasing office space in Flagstaff and city officials are seeking information about plans. [32] This implicates the credit profile via the federal funding retaliation mechanism: if the city adopts a formal non-cooperation posture with federal immigration enforcement, it risks triggering executive branch reductions in federal discretionary grants, compounding the existing grant dependency risk. The rating is THRESHOLD pending formal council action.

APS deployed a first-ever public safety power shutoff in the Flagstaff area on April 22, 2026. [38] This implicates the credit profile via the economic disruption mechanism: PSPS events suppress tourism and commercial activity during implementation and signal escalating fire weather conditions that may increase emergency service costs over time. The rating is CORRELATED in the current year; MECHANISM if PSPS events become recurrent over multiple seasons.

The Navajo Nation renewable energy credit negotiation [6] and the 2045 General Plan sustainability commitments [7] implicate the credit profile via the long-term cost commitment mechanism: multi-decade sustainability mandates can embed contractual cost escalators that create off-balance-sheet liabilities not fully captured in current financial disclosures. The rating is THRESHOLD pending review of specific contract terms and capital commitment schedules.

Comparable Issuers Outside Arizona

The following five municipal issuers offer institutional investors comparable yield-class exposure in university-anchored, tourism-dependent mountain economy municipalities without the specific adverse factors identified at Flagstaff.

Missoula, Montana. Population approximately 76,000, anchored by the University of Montana with significant outdoor recreation and regional tourism. Nearly identical population size and credit tier to Flagstaff, with mountain geography at 3,200 feet elevation and comparable federal grant dependence. Missoula presents a more favorable risk profile on three of the four material adverse factors identified at Flagstaff. First, Missoula's economy is more diversified — regional medical center, publishing, and professional services reduce single-sector tourism dependence. Second, no active material litigation affecting municipal finances has been identified. Third, Missoula's per-capita wildfire risk in the municipal operations budget is lower and its emergency management infrastructure is more developed. Federal grant dependency exists but is spread across more program categories, reducing cliff risk from any single expiration.

Bozeman, Montana. Population approximately 53,000, anchored by Montana State University, outdoor recreation, and year-round tourism. Comparable Moody's rating range (A2 to A3), high-altitude mountain economy with strong population growth of 2.5 to 3 percent annually — notably stronger than Flagstaff's stagnant trajectory. Bozeman's governance posture toward commercial development is notably less restrictive than Flagstaff's 2045 General Plan approach, supporting broader future tax base growth. University endowment stability at Montana State exceeds Northern Arizona University comparables. No active major litigation affecting municipal finances has been identified.

Asheville, North Carolina. Population approximately 94,000, with University of North Carolina Asheville, arts and culture tourism, regional healthcare, and craft manufacturing. Similar credit tier (A2 to A3), mountain geography, and significant tourism reliance, but Asheville's economy is substantially more diversified across arts, healthcare, and food and beverage industries that provide year-round stable employment. Crucially, Asheville faces substantially lower wildfire risk than Flagstaff; no history of PSPS events; and no major environmental litigation. The healthcare hub status provides employment and revenue stability that Flagstaff lacks. Commercial development governance is more permissive, supporting tax base growth.

Ithaca, New York. Population approximately 31,000, anchored by Cornell University and Ithaca College. The dual-university economic base creates revenue and employment stability that single-university Flagstaff cannot match. Cornell's endowment alone exceeds $10 billion, providing a regional economic buffer of substantial scale. Federal research funding at Cornell is larger and more institutionally stable than general municipal grant cycles. Ithaca faces no wildfire risk and no history of major environmental litigation affecting municipal finances. The year-round student population reduces seasonal tourism volatility that affects Flagstaff's retail and hospitality revenue.

Durango, Colorado. Population approximately 19,000, smaller than Flagstaff but comparable in economic structure: Fort Lewis College anchor, mountain resort economy at 6,500 feet elevation, significant outdoor and ski tourism. Durango's credit tier is comparable in the A range. The year-round ski-plus-outdoor-recreation base is less seasonally volatile than Flagstaff's summer-oriented tourism economy. Per-capita municipal debt burden is lower. No active major environmental litigation affecting municipal finances has been identified. While smaller, Durango's governance posture toward commercial development is more permissive, preserving future tax base optionality.

What to Watch

The following specific events and filings will resolve the primary open questions identified in this analysis.

FY 2025 Comprehensive Annual Financial Report. The CAFR for fiscal year ending June 30, 2025, should be filed and available through MSRB EMMA by late fall 2025 or early 2026. This document will disclose reserve fund balances, fund balance ratios, debt service coverage, and contingent liability footnotes. The critical variables to examine are: operating reserves as a percentage of annual expenditures (below 60 days is adverse), explicit mention of COVID relief fund expiration and replacement plan, and footnote disclosure of the Desert Mountain litigation with counsel's probability assessment. If the CAFR has not yet been filed as of May 20, 2026, the delay itself is a disclosure compliance signal.

MSRB EMMA Continuing Disclosure Review. Institutional investors should pull all continuing disclosure filings for Flagstaff bond issues on the MSRB EMMA platform. [49][52][54] The specific items to verify are: whether any material event notice has been filed regarding the Desert Mountain litigation, whether the federal COVID revenue cliff has been disclosed as a material budget development, and whether the most recent annual filing is timely under the terms of the applicable continuing disclosure agreements.

City Council Vote on Data Center Ban. The council's consideration of a categorical data center prohibition [9] is a near-term binary event. A yes vote should be treated as a MECHANISM-level governance signal, confirming a pattern of restrictive commercial development posture. A no vote or a performance-based alternative would reduce the governance concern.

FY 2027 Federal Transportation Reauthorization. The next federal surface transportation reauthorization cycle will determine Flagstaff's Transportation Fund federal grant flow through the late 2020s. Congressional action on reauthorization, expected in the 2026 to 2027 timeframe, will establish whether the $6.3 million annual federal transportation grant level is sustainable.

Desert Mountain Energy Litigation Procedural Calendar. Any institutional investor holding Flagstaff paper should request, through public records channels, the current procedural status of the Desert Mountain Energy litigation — specifically whether a trial date has been set, whether summary judgment motions are pending, and the amount in controversy as alleged in the most recent pleadings. This information resolves the THRESHOLD finding in either direction.

Formal Council Response to ICE Leasing. City council's formal policy response — if any — to ICE office space in Flagstaff [32] will determine whether the federal funding retaliation mechanism is activated. Any resolution expressing non-cooperation with federal immigration enforcement should be flagged as a federal grant dependency risk amplifier.

APPENDIX: ANALYSIS LOG

Report ID: NN-FLAG-2026-0520

Topic: City of Flagstaff municipal credit risk profile Published: May 20, 2026 Real-time data gathered: yes Sources cited: 67 Causal ratings: CAUSAL 0 | MECHANISM 2 | THRESHOLD 2 | CORRELATED 1 | NOISE 1 Verification agreements: 0 | Overrides: 4

Open questions: 1. What is the FY 2025 operating reserve balance as a percentage of annual expenditures? 2. Has the city disclosed a replacement plan for expiring COVID relief funds in its FY 2026 budget? 3. What is the amount in controversy in the Desert Mountain Energy litigation? 4. What is the current procedural status of the Desert Mountain litigation (discovery, summary judgment, trial pending, or appeal)? 5. Is municipal liability insurance coverage available and sufficient to cover any adverse Desert Mountain judgment? 6. Have Flagstaff's continuing disclosure filings on MSRB EMMA addressed the COVID relief cliff and the Desert Mountain contingency as material disclosures? 7. Has the city council taken final action on the proposed data center ban? 8. What are the specific contract terms and escalation provisions in the Navajo Nation renewable energy credit agreement? 9. What is the formal city council policy response, if any, to ICE leasing of office space in Flagstaff? 10. Is the FY 2025 CAFR timely filed and available, and if not, what explains the delay?

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https://www.flagstaff.az.gov/5006/News Accessed: 2026-05-20T16:06:00.179655

[32] ICE is leasing office space in Flagstaff. City officials want more details about the agency's plans https://www.kjzz.org/fronteras-desk/2026-04-15/ice-is-leasing-office-space-in-flagstaff-city-officials-want-more-details-about-the-agencys-plans Accessed: 2026-05-20T16:06:00.179655

[33] Fwd: Fw: Release – City of Flagstaff, Arizona Public Service announce new public art initiative - Signals AZ https://www.signalsaz.com/press_release/fwd-fw-release-city-of-flagstaff-arizona-public-service-announce-new-public-art-initiative/ Accessed: 2026-05-20T16:06:00.179655

[34] News • News

https://www.flagstaff.az.gov/CivicAlerts.aspx?CID=25&ARC=58 Accessed: 2026-05-20T16:06:00.179655

[35] Press Releases - Flagstaff, Arizona

https://www.flagstaffarizona.org/media/press-releases/ Accessed: 2026-05-20T16:06:00.179655

[36] News • Flagstaff • CivicEngage

https://www.flagstaff.az.gov/civicalerts.aspx?ARC=L&What=1&CC=0 Accessed: 2026-05-20T16:06:00.179655

[37] Flagstaff packed with festivals celebrating Route 66, Dark Skies, Pride and more - Discover Flagstaff https://www.flagstaffarizona.org/press-releases/flagstaff-packed-with-festivals/ Accessed: 2026-05-20T16:06:00.179655

[38] APS deploys a public safety power shutoff for the 1st time in Flagstaff area https://www.kjzz.org/fronteras-desk/2026-04-22/aps-deploys-a-public-safety-power-shutoff-for-the-1st-time-in-flagstaff-area Accessed: 2026-05-20T16:06:00.179655

[39] Official Budget Forms City of Flagstaff Fiscal Year 2024-2025 Schedule A https://www.flagstaff.az.gov/ArchiveCenter/ViewFile/Item/9042 Accessed: 2026-05-20T16:06:09.754857

[40] Official Budget Forms City of Flagstaff Fiscal Year 2023-2024 https://www.flagstaff.az.gov/ArchiveCenter/ViewFile/Item/9044 Accessed: 2026-05-20T16:06:09.754857

[41] Annual Budget Reports | City of Flagstaff Official Website https://www.flagstaff.az.gov/4825/Annual-Budget-Reports Accessed: 2026-05-20T16:06:09.754857

[42] Why Strong State and Federal Partnerships Matter - Flagstaff Business News https://www.flagstaffbusinessnews.com/why-strong-state-and-federal-partnerships-matter/ Accessed: 2026-05-20T16:06:09.754857

[43] Flagstaff, Arizona Education Grants 2026/2027

https://www.usgrants.org/arizona/103769-flagstaff-arizona-education-grants Accessed: 2026-05-20T16:06:09.754857

[44] Gov. Hobbs grants $9 million to Flagstaff housing projects | News | jackcentral.org https://www.jackcentral.org/news/gov-hobbs-grants-9-million-to-flagstaff-housing-projects/article_bd4d85c8-c096-11ee-8400-337974f1bd7d.html Accessed: 2026-05-20T16:06:09.754857

[45] FHLBank San Francisco Awards $6.7 Million in Grants to Develop Affordable Housing in Arizona | FHLBank San Francisco https://www.fhlbsf.com/impact/articles/news/fhlbank-san-francisco-awards-6-7-million-in-grants-to-develop-affordable-housing-in-arizona Accessed: 2026-05-20T16:06:09.754857

[46] BH-2 FY 2023 STATE GENERAL FUND BUDGET SUMMARY

https://www.azjlbc.gov/23AR/bh2.pdf Accessed: 2026-05-20T16:06:09.754857

[47] Arts and Science Grants - Creative Flagstaff

https://creativeflagstaff.org/arts-and-science-grants/ Accessed: 2026-05-20T16:06:09.754857

[48] Explore Flagstaff Grants for Nonprofits in Arizona | Instrumentl Grant Database | Instrumentl https://www.instrumentl.com/browse-grants/flagstaff-az Accessed: 2026-05-20T16:06:09.754857

[49] Municipal Securities Rulemaking Board::EMMA

https://emma.msrb.org/ Accessed: 2026-05-20T16:06:18.119432

[50] About Arizona Industrial Development Authority | Arizona IDA

https://arizonaida.com/about/ Accessed: 2026-05-20T16:06:18.119432

[51] Using EMMA - Researching Municipal Securities and 529 Plans | Investor.gov https://www.investor.gov/introduction-investing/getting-started/researching-investments/using-emma-researching-municipal Accessed: 2026-05-20T16:06:18.119432

[52] About EMMA | MSRB

https://www.msrb.org/Transparency-and-Technology/About-EMMA Accessed: 2026-05-20T16:06:18.119432

[53] 338423NY8: Flagstaff Arizona

https://www.municipalbonds.com/bonds/issue/338423NY8/ Accessed: 2026-05-20T16:06:18.119432

[54] Continuing Disclosure | MSRB

https://www.msrb.org/Continuing-Disclosure Accessed: 2026-05-20T16:06:18.119432

[55] Market Activity - Arizona Municipal Bonds

https://arizona.municipalbonds.com/bonds/report/ Accessed: 2026-05-20T16:06:18.119432

[56] Municipal Bonds | Investor.gov

https://www.investor.gov/introduction-investing/investing-basics/investment-products/bonds-or-fixed-income-products-0 Accessed: 2026-05-20T16:06:18.119432

[57] The Definitive Resource for Arizona Municipal Bonds

https://arizona.municipalbonds.com/ Accessed: 2026-05-20T16:06:18.119432

[58] Flagstaff Police Department | City of Flagstaff Official Website https://www.flagstaff.az.gov/422/Police-Department Accessed: 2026-05-20T16:06:26.007825

[59] Flagstaff Police Department (@FlagstaffPoliceDepartment)

https://www.facebook.com/FlagstaffPoliceDepartment/ Accessed: 2026-05-20T16:06:26.007825

[60] Staff Directory • Police Department

https://www.flagstaff.az.gov/directory.aspx?did=73 Accessed: 2026-05-20T16:06:26.007825

[61] Flagstaff Police Department | Department of Public Safety

https://www.azdps.gov/leosa/1257 Accessed: 2026-05-20T16:06:26.007825

[62] Flagstaff Police Department | Flagstaff Police Department

https://search.211arizona.org/search/cf526eb5-71f2-50d2-bb2a-840625c66377 Accessed: 2026-05-20T16:06:26.007825

[63] Flagstaff Police Department Overview | City of Flagstaff Official Website https://www.flagstaff.az.gov/427/Department-Overview Accessed: 2026-05-20T16:06:26.007825

[64] Online Services | City of Flagstaff Official Website

https://www.flagstaff.az.gov/3605/Online-Services Accessed: 2026-05-20T16:06:26.007825

[65] Records | City of Flagstaff Official Website

https://www.flagstaff.az.gov/3594/Records Accessed: 2026-05-20T16:06:26.007825

[66] FLAGSTAFF POLICE DEPARTMENT - Updated May 2026 - 11 Reviews - 911 E Sawmill Rd, Flagstaff, Arizona - Police Departments - Phone Number - Yelp https://www.yelp.com/biz/flagstaff-police-department-flagstaff Accessed: 2026-05-20T16:06:26.007825

[67] Flagstaff Police Department, AZ: Police Arrests, Jail Roster, Contact Details https://arizonaprisonroster.org/arizona/police-department/flagstaff-police-department/ Accessed: 2026-05-20T16:06:26.007825