AWASH IN CASH

The June 10th Village Council study session was an eye-opener.  We have so much cash that rather than utilize the IMET (Illinois Metropolitan Investment Fund - a non-profit group advising 288 communities, including other AAA-rated municipalities) we need our own money manager.  To his credit, one Council member questioned why our professional staff could not manage our cash, as government is limited as to how it may invest taxpayer dollars.  He also questioned why we used our financial consultant on pension funds to find us another financial consultant for our cash reserves, and shouldn't we utilize the RFP (Request for Proposals) process to be transparent in our choices.  I agree. 

It is ironic that while the Council contemplates how to best invest all of this taxpayer money, even more cash will be rolling in as we all start paying on the brand new No. 1 storm water tunnel fee this month.  Don't forget that our Village water rates, electric rates and sewer rates all increased again and are in addition to our (also increased) Village portion of our property tax bill.

One new Council member recently declared that our reserves are all "applied" so there is no extra cash for the tunnel, in addition to pointing the finger at District 36 because it takes around 39% of our property tax bill.  Is the finger-pointing to deflect scrutiny away from what many are calling an irresponsible Village fiscal policy to issue long-term tunnel debt at 4.3% (4.1% and 4.5% interest on two bond issues totaling $16.5M) interest against a referendum majority vote, and while we sit on over $45 million (pre-bond issues) in cash saved up for a rainy day?  Unfortunately, a stated "fiscally conservative" policy has become a fiscally excessive burden on Winnetka taxpayers whose voices are ignored.

Jessica Tucker