The Chicago Tribune is reporting (not posted on the internet yet) that dozens of local tax districts lost millions by putting spare money in a pooled investment fund.
Locally, four municipalities and one fire protection district took financial hits.
The details, extracted from the Tribune article, follow:
Losses by local governments in investment pool.
Spare money?
IF it is really spare money – give it back to the taxpayers so they can do their own investing.
Having a little money on the side for a rainy day is one thing but these millions are not what I call loose change.
Is this common practice?
Who should Cary residents hold responsible?
Spare money?
But our taxes and fees are increasing every year.
Another example of why people are leaving Mc Henry county and the state at historical rates.
Nobody will be held accountable for this I’m sure.