How else does being a non-home rule municipality impact borrowing costs?

Simply put, the Village is subject to additional control, regulations and oversight by the State of Illinois. This means our municipality can often be at a financial disadvantage, sometimes costing taxpayers thousands of dollars. A good example of this relates to General Obligation bond borrowing for infrastructure projects. Until 2022, interest rates had been at historically low levels. As a non-home rule municipality, the Village is required to obtain voter approval for borrowing through a referendum. It can take four to six months to access a historically low interest rate bond market. In April 2021, the Village obtained a bond at the low rate of 1.71%. Throughout 2022, interest rates soared upwards, adding 4.25% to costs in just 12 months. If the bond issuance had been delayed to 2022, the rising interest rates would have cost taxpayers hundreds of thousands of dollars. For example, an additional 4.25% on a $5 million 20-year bond would cost approximately $2,522,000 in additional interest, which means $2,522,000 in additional taxes.  

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1. Where does the Village get its money to provide services to residents and businesses?
2. I’m new to Flossmoor. Why do property taxes seem so high?
3. My annual property taxes are almost $12,000. Where do the taxes go?
4. Are property taxes and sales tax the only sources of revenue for the Village?
5. How are my tax dollars managed by the Village?
6. I notice quite a bit of street construction and sidewalk replacement. Do my property taxes pay for this work?
7. In light of these capital projects, what was the initial impact on my property taxes?
8. While I’m glad to see efforts to improve infrastructure, will my property taxes be higher?
9. How is the amount I pay in property taxes determined?
10. How does the Village save taxpayers money when its infrastructure projects are paid for in cash without borrowing and incurring debt?
11. How else does being a non-home rule municipality impact borrowing costs?
12. What is the current outlook for the Village’s finances?
13. Doesn’t the Village have reserves that can be used to defray these additional costs and projects?
14. How can I more closely follow the Village’s expenditures?