This story of fiscal conservatism comes from the Village of Grayslake as reported in the Daily Herald.

Officials announced the Village has paid off its last debt. Mayor Timothy Perry said a longtime conservative fiscal policy and the privatization of many village services have led to the lack of debt.

Perry said that it is rare for a Village or City to be debt-free. He said Grayslake will continue to be financially strong by having a lot of services provided by outside companies, saving the Village on contributions to a state municipal employee retirement fund.

In today’s debt loving society it is quite the pleasant surprise to find those who live within their means. Even more surprising is that the good behavior is from a local government. Mayor Timothy Perry and the Village of Grayslake Board should be commended for their fiscal responsibility.

How does Schaumburg compare to Grayslake? 

Per Schaumburg’s 2008 Comprehensive Annual Financial Report:

The Village of Schaumburg owes:

$64,240,605 in Governmental Activities General Obligation bonds principal owed;
$23,833,783 in Governmental Activities General Obligation bonds interest owed;
$241,709.395 in Business-type Activities General Obligation bonds principal owed;
$295,841,973 in Business-type Activities General Obligation bonds interest owed.

Total amount in principal and interest owed is $625,625,756. 

Another way to think of it is each of the 72,690 Schaumburg citizens obligation is $8,606.77 or $34,427 per family of 4. 

Schaumburg should start implementing the solutions that Grayslake has had in place for years to get their debt problem under control.

In response, the Schaumburg Freedom Coalition has advocated for a large scale reduction of government debt by privatization of the Schaumburg Convention Center & Hotel, Alexian Baseball Field, and the Schaumburg Airport which account for the lion’s share of the public debt in the Village of Schaumburg.

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