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Advisor: village in strong fiscal condition; plans to restructure pool bonds could save taxpayers interest
Summary
David Connolly told the committee the village's financial position is the strongest in its history, and staff is moving to shorten the swimming-pool bond term by about seven years to capture growth-related revenue and reduce interest costs.
A council member asked whether the village remained in a healthy financial position after a bond issuance a year earlier; Connolly said, "The village is in strongest financial condition in your history," and said having the forecast tool is viewed positively by rating agencies because it shows management discipline.
Connolly said staff is "moving down the road to restructure the swimming pool bonds and pay them off early," which could shorten the maturity by about seven years (current maturity 2039; shortening could move payoff toward 2032) and reduce taxpayer interest costs. He noted voters had previously approved a property-tax levy to pay for pool improvements, and that staff is considering how to capture growth-related revenues to accelerate debt repayment.
