Buffalo Grove receives praise for financial management
Updated: September 10, 2012 12:31PM
The Village of Buffalo Grove recently received the highest marks for its progressive and stable financial management from three organizations that evaluate and monitor governmental financial conditions on a national and international level.
As part of the proposed Series 2012 general obligation bond issue, the village recently sought ratings of its existing and proposed debt through Standard & Poor’s Rating Service and Moody’s Investor Service. Both companies gave the village their highest award of confidence by affirming the existing AAA and Aaa ratings (respectively) for all current debt, as well as assigning AAA and Aaa ratings for the 2012 issuance of $6,000,000 in bonds to provide for street repair and maintenance.
In addition to the key ratings assigned to the village’s overall financial management, the Government Finance Officers Association (GFOA) has also presented the village with its first “Distinguished Budget Presentation Award” for the Fiscal Year 2012 budget. This national award program is conferred to government agencies whose budgeting process represents the highest quality commitment to developing the budget as a policy document, a financial plan, an operations guide and a communications device.
Village staff undertook a complete redesign of the budget document for 2012, adding significant enhancements to budget summaries, organization and strategic outcomes. Throughout North America, only 1,289 entities received the award in 2010, representing the highest tier of local government excellence.
The Village Board is expected to approve the sale of bonds in September.