As a former trustee of the village of River Forest and former chair of its finance committee, I read with interest the letter to the editor from Margie Cekander (“Henek for RF President”). She seems to imply that the village is not being well-managed from a financial standpoint. This is inaccurate, and therefore, misleading.
Virtually all of the village’s long-term debt is an Illinois Environmental Protection Agency loan, the proceeds of which were used to fund the Northside Stormwater Management Project. This loan is being repaid through charges on monthly water bills and not from tax revenues received by the village. Therefore, tax burdens will not increase due to this debt.
The village’s credit rating by Standard & Poor’s, a nationally recognized credit rating agency, is AAA. According to Standard & Poor’s, which is well aware of the village’s future financial commitments, “An obligor rated AAA has extremely strong capacity to meet its financial commitments. AAA is the highest issuer credit rating assigned by S&P.” Furthermore, the village consistently receives awards for its excellent financial reporting and budgeting process from the Government Finance Officers Association.
The Standard & Poor’s credit rating and the aforementioned awards, all happening while Cathy Adduci was village president, speak highly of the village’s financial condition and financial management. For those concerned about future tax increases, that is a good reason to retain Cathy as Village President.
Jim Winikates, River Forest