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Village corrects presale report for 2025 note issuance to reflect full fire capital borrowing
Summary
Village staff corrected a prior presale report after identifying a methodology error that omitted earlier set-asides; the full borrowing estimate for fire capital was adjusted upward and the sale of notes remains scheduled for July 21.
Village administration told trustees a previously distributed presale report for 2025 note issuance understated the village’s fire capital borrowing because it included only the 2025 portion of costs rather than incorporating earlier set-aside funds.
Eileen said the discrepancy stemmed from methodology used by the emergency services district in budgeting: earlier set-aside contributions from 2023 and 2024 were not reflected in the version of the presale report the board reviewed. She said the village had estimated borrowing at just over $2,100,000 during the 2025 budget process and that the current estimate is approximately $2.2 million due to changing costs.
Eileen also stated that numbers appearing in the previously reviewed document (recorded at the meeting as "$2.61, $2.40 for fire capital") should have been higher in the corrected document (recorded as "$6.15, $5.14"). She said she adjusted rescue capital slightly downward because the village had greater reserves for that item. No board action was required at the meeting; the board will consider awarding the sale of the notes at the July 21 meeting.
Eileen characterized the correction as a transparency fix and said the borrowing schedule discussed earlier in the budget process remains unchanged.
