Valley Hi Bonds Paid Off, Discussion of Continuing to Tax Same Amount and Use for Operating Purposes
The McHenry County Nursing Home’s bonds to construct the new complex have been paid off.
When the bonds for the Lakewood golf course were paid off (last year), the cut in property taxes was measurable this year.
It seems that the County Board wants to replace tax dollars used for bond payments with tax dollars to be used for operating funds.
No increase in tax rate, right?
But, no savings for the taxpayer.
More subsidy for the operation.
Consider these minutes from the Finance Committee:
“Mr. Hammerand stated that the Valley Hi Levy should be discussed in the future.
“He stated that since the facility is now paid off they need to have a conversation on these funds.
“Committee members were reminded that the levy was to be used to build the facility and maintain and operate the facility and in light of the State budget issues this will need to be watched closely.
“The facility will need to whether the State issues as well”.
They will need to be sure to continue to collect some of these levy funds in order to address any large future costs for repairs and maintenance.