Town President Larry Dominick and the Cicero Town Board of Trustees approved an abatement of property taxes to save the town’s residents $8.2 million for 2016. The abatement is a continuation of holding the line on municipal property taxes, a priority for Dominick’s administration.
The Town Board has approved abatement nearly every year during the previous five years and has not made any new borrowing requests, focusing on paying down debt inherited from previous administrations prior to Dominick’s election in 2005.
As a continuation of saving taxpayers’ money, Dominick and Chief Financial Officer Donald Schultz have been able to renegotiate interest rates on previous debt to speed up the debt payment plan. Town officials noted that while Cicero has maintained a steady line in property taxes, other government agencies such as the Cook County and the Metropolitan Water Reclamation District have continued to increase their tax rates.
“We cannot control the taxes imposed by others, but President Dominick has made it his priority to maintain the highest level of public services without increasing property taxes,” said Ray Hanania, town spokesman. “That includes abating taxes and reducing interest rates paid on outstanding borrowings imposed on us by prior administrations.”
Dominick’s sound financial management has been recognized by many regional and national associations that monitor municipal finance.
Standard & Poor’s has given Cicero a strong A-Plus credit rating, and the town has received national honors for its professional and transparent financial reporting procedures six years in a row including this year.