Bond credit rating has been lowered TWICE under Action leadership.
• Reasons cited by Moody’s Investor Services include dwindling cash reserves and escalating pension obligation, which now stands at $160 million.
• The Village officials make the decisions about how much to spend or contribute to cash reserves. They chose to spend.
• The Village officials’ payment plan for the pension debt is not working, and our pension obligation grows.
• The Village must issue bonds to pay for large infrastructure projects, such as a new water main to connect to Evanston.
• Lower rating means higher interest rates, which costs you more money