The financial burden on taxpayers continues to increase in cities across the State of Illinois, but major financial institutions and finance associations have applauded the Town of Cicero for its strong and healthy financial basis.
In recent weeks, Cicero was notified by Standard & Poors that its Credit Rating remains at a strong A-Plus (A+) rating, and it has received three top national honors for its professional and transparent financial reporting procedures.
The Government Finance Officers Association of the United States and Canada (GFOA), a professional association with over 17,500 members, whose purpose is to enhance and promote the professional management of governments for the public benefit by identifying and developing financial policies and best practices and promoting their use through education, training, facilitation of member networking, and leadership, has bestowed upon Cicero its three major awards in budgeting and financial reporting: The Distinguished Budget Presentation Award; The Award for Excellence in Financial Reporting; and, The Award for Outstanding Achievement in Popular Annual Financial Reporting.
Cicero Finance Director Donald Schultz said that the series of announcements have not only highlighted the strength of Cicero’s financial management on a national scale, but most recently contributed to the Town’s strong credit rating, which helped Cicero achieve a taxpayer savings of $1.5 million on its most recent bond offering.
Schultz pointed out that at the time Larry Dominick was elected the Town President of Cicero, prior administrations had strapped the town with major debt borrowing in excess of $148 million, which has been reduced to $94 million, or 36.5 percent during Dominick’s first two terms, with no additional long term debt financing.
The recognition from the Government Finance Officers Association only reinforces Cicero’s attention to careful long-term financial planning and its successful efforts to eliminate debt and reduce the burden on taxpayers.
Of the 485 Illinois cities and counties that are current GFOA members, only six local governments, including the Town of Cicero, have received all three awards, representing only 1.4 percent of eligible local units of government.
