VOP Winter 2016

YOUR DOLLARS

Only 7¢ on the dollar funds all of the many services you receive from the Village of Orland Park.

In addition, the mayor and the village board are committed to running an open and transparent form of government. What does that mean for residents? It is a seamless system of checks and balances where all information is readily available for viewing either on the village website or, if you prefer, by visiting village hall and simply asking. “We’re allocating dollars to programs that will help ensure a bright future for our community and we’re doing it without deficit spending,” explained McLaughlin. “Orland Park not only received a AA+ bond rating from Standard & Poors, but also received national recognition for our fiscal management, budgeting policies and financial reporting.” Why is this recognition and rating important? Every municipality from time to time must borrow dollars. Having a solid bond and credit rating, as the village does, ensures that if and when the village needs to borrow funds, we pay less interest when paying it back. In return, saving every homeowner hundreds of dollars. Since 2009, we have saved approximately $6.3 million in future interest costs by issuing refunding bonds. This reaffirms Orland Park’s credibility in being fiscally responsible. Since 2005, the village’s finance department has consistently received the Government Finance Officers Association (GFOA) Award for Excellence in Budget Reporting. Every governmental entity incurs and carries debt. The Village of Orland Park does as well. But the debt we carry is fairly minimal by most standards. Orland Park’s General Obligation (GO) and other long-term debt as of Dec. 31, 2015 was approx. $109 million, with an equalized assessed value (EAV) of more than $1.95 billion. To put the village’s debt situation into perspective, compare it to a homeowner having a mortgage balance of approximately $16,170 on a home with a market value of $400,000. During the last Telephone Town Hall Meeting, a question was posed to listeners. Most knew how much of their property tax dollars went toward the village to fund services, but some thought the amount was much higher. So, how much of your property tax dollar goes to the Village of Orland Park? The answer? Seven percent.

In addition, part of the 7 percent is refunded via the village’s Property Tax Rebate Program. Eligible residents who submitted completed applications have received refunds of a portion of their property tax dollars in 11 of the last 14 years. The total amount rebated since 2002 is $36.7 million, not considering the $2.2 million that was approved for the current rebate checks to be mailed out in March of 2017. The annual rebate is possible due to the village’s commitment to fiscal responsibility, doing more with less and avoiding deficit spending. “The village’s dedication to its residents, fiscal responsibility and maintenance of 100 percent transparency and accountability are something we take very seriously and strive to maintain,” said McLaughlin. Questions about village finances can be directed to 708/403-6100. insure a bright future for our community and we’re doing it without deficit spending.” Mayor McLaughlin “We’re allocating dollars to programs that will help

5

WINTER 2016 |