In the election for village president, I’ve heard some inaccuracies about Barrington’s finances that I absolutely must correct.
Recently, a change was made that requires municipalities to report their future pension liabilities as money owed on your property taxes. The good news is that Barrington’s liabilities are less than our surrounding municipalities because we have so diligently funded our pensions. The bad news is that this accounting change made it look like the village owes more now than it did a year ago, which couldn’t be further from the truth.
Karen Darch’s opponent is taking advantage of this lack of clarity regarding the village’s debt.
While I could tell you that the village’s debt is responsibly low, I’d rather let Moody’s do it. They awarded us a strong bond rating, specifically mentioning our “low debt burden.” As a matter of fact, we are paying down our bonds, and as they are retired your taxes will go down, which is what you will see happen in 2018 and 2019.
A healthy debate is vital to the future of any community. But to be productive, that debate has to be rooted in facts. The fact is that the village’s finances are in excellent shape, and that is largely due to the leadership of Karen Darch.
Jason Lohmeyer
Barrington
