Maple Park officials studying revenue options

By on July 23, 2010

by Tammy Swanson
MAPLE PARK—In times of increasing revenue constraints, Maple Park officials are trying to stay ahead of the financial curve.

In 1997, Maple Park residents approved a referendum for a capital bond issue for the village’s sewer system. If the village does not extend the bond issue past its expiration in 2011, existing property taxes for the village will drop 33 percent, or about $90,000, according to an Austin Meade Financial report.

Village trustees listened to a financial overview from Dan Denys of Austin Meade Financial at its Committee of the Whole meeting on Monday.

Denys presented trustees with three potential options to avoid this loss of revenue. Maple Park could approve a new bond issue, approve taxes for nonreferendum bonds or approve a general tax increase.

The village is in the early stages of looking at these options.

“Last night was the first introduction to the concept of extending the bond issue,” Village President Kathy Curtis said Tuesday.

Village officials will continue their discussion at the Village Board meeting at 7 p.m. Wednesday, Aug. 4.