Monday, April 20, 2015

Cicero finances continue to improve

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Cicero finances continue to improve

When Larry Dominick assumed the presidency of the Town of Cicero in 2005, the Town was saddled with outstanding indebtedness of $148.1 million, equal to a debt obligation of $1,765.68 per Cicero resident, according to the Town of Cicero Finance Department Director Don Schultz.

At the end of 2014 President Dominick has reduced this debt by 42%, to $85.9 million, or $1,024.25 per Cicero resident.  By the end of President Dominick's present term in 2017, total outstanding debt will be reduced by 53.4% to $69 million, or $823.03 per resident.

By the end of 2021, total indebtedness will be reduced by 78% to $32.4 million, or $386.69 per resident

"President Dominick's charge has been clear: 'Do not spend money you do not have and do not straddle future generations with present day debt’,” Schultz said.

Since 2005 and the administration of Larry Dominick, the Town of Cicero has not incurred any long term outstanding debt, but has instead worked to reduce and carefully eliminate the indebtedness incurred by prior administrations and to provide necessary and current services with available resources.

In furtherance of the Dominick administration's efforts to bring relief to Cicero taxpayers, the President and Town Board have passed along $80.8 million in property tax abatements since 2005.  These tax abatements lessened the tax burden by providing alternative sources of debt repayment without applying such payments to the tax bills of Cicero residents and businesses.

Dominick expanded services without raising taxes by implementing sound financial strategies. As a result, Cicero has received top national honors in financial reporting procedures five-years in a row from the Government Finance Officers Association of the United States and Canada (GFOA). Under Dominick, Cicero maintains a strong A-Plus (A+) rating from Standard & Poors.


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