Village finances continue to show signs of accelerated deterioration.Recently, the village trustees voted to borrow another $700,000.00 against next year’s anticipated village revenues. The money will be used to ensure making payroll and avoid having critical village services from being discontinued by years end. Other concerns were raised as suppliers of various materials for the village, might cancel delivering needed supplies due to non-payment of past invoices.
Further signs of mass confusion by Trustee Mcgee and Trustee DePaola, became apparent when a resident asked them two questions at Monday nights board meeting (11/8/2010).
1) What was the village’s bond rating? (which might indicate the rate of interest to be paid on the borrowed money) and,
2) What was the exact interest rate the village will be paying on the additional $700,000.00 borrowed?
Neither Trustee McGee, who was once the finance chairperson, nor Trustee Depaola who claims to know and understand “everything”,
could answer either question even though both voted in favor of borrowing this enormous sum of money.
In simple terms it’s similar to the average homeowner not knowing their own credit score or how much interest they might pay to borrow money to finance any item, but still saying let’s just do it!
Scary how quickly the current trustees have eroded the present village finances.
Enough is enough. Remember the next village election is in April of 2011.
Be ready to vote. You will make a difference.