Bolingbrook’s S&P Credit Rating Jumps to All-Time High, different kind of high from my last blog, where I wrote about cannabis. Should we celebrate the great decision making of our mayor and his board? Not so fast. It is my opinion that this was on our backs and we can take the credit.
This is our community, our homes are our investment. For most of us this is the biggest investment we have. For years Bolingbrook has been paying more in interest for the various bonds (loans) the Village has taken out. Recently our Mayor has bragged about this new lower credit rating. The S&P also concluded that Bolingbrook’s “budgetary flexibility, budgetary performance, and liquidity will likely remain strong.” The rest of the story here.
The real story, my opinion, is that each of us made this happen. How? The Garbage Tax, that’s how. We all started shouldering a new burden this year, the $240 tax for garbage pick up. For me this was a 40% increase in my property tax. Yes, the Mayor will tell you that he didn’t raise property taxes, he will also tell you that there are plenty of homes available in Bolingbrook for $100, 000. See his comment here from the June 2019 Village meeting. During this meeting ideas were presented from residents who gathered in May through the Chicago Community Trust. He isn’t living in the same Bolingbrook as you and I. Below is the definition of a tax.
From the Merriam Webster Dictionary 1a: a charge usually of money imposed by authority on persons or property for public purposes b: a sum levied on members of an organization to defray expenses.
So pat yourself on the back, you have raised over $3.5 million per year to help the village get a better credit rating. It was you that made a major contribution to the uptick in the Village credit rating. While I don’t like paying the 40% increase in taxes, I am happy the Village is finally getting its fiscal house in order. For those on a fixed income, or families that didn’t get big raises this year to afford this new bill, this is unfortunate and it is a personal frustration of mine. A good reason to keep tabs on what our local officials do.