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Lombard finance committee reports S&P issuer-rating upgrade to A-; home-rule workshop set for May 18
Summary
Trustee Militello reported on April 27 finance committee discussion: S&P upgraded Lombard's issuer credit rating two notches to A- (stable outlook) and the board will host a May 18 informational workshop on home rule with a Northern Illinois University presenter; no direction will be sought at the workshop.
At the May 7 meeting Trustee Militello reported the finance committee met April 27 and staff briefed the committee on the financial differences between home rule and non-home-rule municipalities. He said staff also reviewed the village's strategic priorities to strengthen fiscal position and expand economic development.
Militello told trustees the village was notified by Standard & Poor's that S&P upgraded the village's issuer credit rating "two notches to an A-minus" with a stable outlook and cited Lombard's balanced 2026 budget, healthy reserves, long-term capital planning and debt-management policies as supporting factors. "This is an important and positive recognition of the village's financial progress," he said.
Militello said a joint workshop-format meeting with the village board is scheduled for Monday, May 18 at 6 p.m.; the session will feature a Northern Illinois University professor (noting the presenter is a resident of nearby Glen Ellyn) and will be strictly informational with no board direction sought.
The report concluded with thanks to the board and staff for budgeting discipline; trustees will receive the workshop materials and may ask follow-up questions during the informational session.
The committee report was part of routine committee updates and did not include a formal action beyond scheduling the workshop.
