5,500 Homeowners Left Out of Jack Franks’ $100 Valley Hi Rebate Vote Buying Scheme

Valley Hi Nursing Home fund’s cash on hand from FY 2006 through FY 2016 (projected). Over $41 million currently.  Virtually no real estate taxes were collected for Valley Hi this year.

Come October 16th the McHenry County Board will be voting on whether to draw down the incredible Valley Hi Nursing Home surplus of about $40 million by an amount equal to $100 per household.

$8.8 million in checks would be written to 2018 taxpayers who have paid their taxes on time and how have claimed a Homestead Exemption.

No matter that there was not Valley Hi real estate tax collected this year.

The number of those to benefit is estimated to be 88,000 households, those who have Homestead Exemptions.

According to the Census Bureau, there are 118,485 housing units in McHenry County.

78.9% are owner-occupied.

That’s 93,484 households.

So, it appears 5.500 or so folks have not filed for a Homestead Exemption, but live in homes they own will be left out of the vote buying scheme.


Comments

5,500 Homeowners Left Out of Jack Franks’ $100 Valley Hi Rebate Vote Buying Scheme — 5 Comments

  1. Another one of Jack’s poorly planned out stunts to gain headlines.

  2. THis surpls existed before Franks.

    I don’ t fault him.

    Why didn’t our Repub Board do this?

    Reminds me that since Gasser stopped leading the PC organization charge, I Haven’t seen or heard from any Repub PC’s or Candidate reps.

    I had 2 Dems at my door this weekend.

    One Dem PC asking me to vote and one representing that hack challenging Roskam.

  3. Jack franks is not responsible for those not applying for a Homestead Exemption.

    Show me my money.

  4. Should not the resolution of the question of how much fund balance Valley Hi SHOULD have, drive the amount of the refund and not the other way around?

    It appears as though an arbitrary amount of $100 per household was selected, which will result in a fund balance draw down of approximately $8.8 million.

    That will still leave $31+ million in fund balance (or more than 3 years of expense coverage).

    $31 million is still an excessively high and unsupportable level given the current level of spending for this operation.

    The Board should first decide what the correct level of fund balance should be.

    I would suggest that six months of expense coverage may be an appropriate base target (approx $5 million), plus a slight allowance for any near-term CapEx programs, if any are needed.

    The entire remaining excess balance of roughly $30-35 million should be returned to the taxpayers in a form to be decided by the Board.

    The Board should fix this issue appropriately and in its entirety rather than take weak action which still leaves the problem of excessive fund balance still on the books.

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