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Willow Springs accepts 2022 audit, pays down debt and abates property tax levy for GO bonds
Summary
The village board accepted the FY2022 audit showing a $1.1 million operating surplus and approved an ordinance abating the property tax levy for general-obligation bonds after paying off debt, freeing roughly $1.3 million for village priorities, officials said.
The Willow Springs Village Board on Jan. 9 accepted an independent FY2022 audit and approved an ordinance to abate the property‑tax levy for general‑obligation (GO) bonds after the village paid off its outstanding debt.
Treasurer Dennis summarized the audit findings, saying the auditor "states that the financial statements present fairly the financial information of the village," and that the village reported an operating surplus of about $1,100,000 and a fund balance exceeding $3,000,000. He told trustees the village reduced general‑obligation debt by $1,000,000, the TIF debt fell by nearly $1,000,000 and the police‑pension unfunded liability declined by $2,500,000 to $7,800,000.
On the abatement ordinance, Dennis said the debt payoff freed about $1,300,000 that could be spent on other village projects and that the village saved roughly $174,000 in interest costs through the payoff approach the board had authorized in October. With the abatement filed with the county, "there'll be no debt service levy at all this year," he said.
Why it matters: The audit and abatement represent an immediate fiscal shift — reduced debt service and additional budget capacity for capital projects or other board priorities. Trustees praised staff work preparing the audit and the finances.
The board unanimously approved the resolution accepting the audit and the abatement ordinance by roll‑call vote (all ayes).
