Buffalo Grove wins Triple A bond rating despite poor economy

In the past year, Buffalo Grove has become such a political battleground that it is easy to forget the years of stability - in particular, financial stability - that preceded.

But the bond rating agency Standard & Poor's didn't forget.

S&P has given Buffalo Grove the financial equivalent of an Oscar, awarding the community AAA status, a slight upgrade from it's previous position. That means the village can spend less to borrow money. But it also stands as a testament to its financial stability.

Village Trustee Steven Trilling noted that Buffalo Grove is only one of 14 communities to achieve this rating in the state of Illinois.

"This represents one half of 1 percent of all the different boards that are in the state of Illinois. That's the elite company that we keep in Buffalo Grove," he said, giving the credit to village Manager William Brimm

It is a singular achievement, especially during these hard economic times and, in the opinion of village President Elliott Hartstein, a reflection of the fiscal management of Brimm, who has spent the majority of his 32 years with the village as its finance director and who recently announced his retirement.

"It doesn't get any better than that," he said, praising Brimm and current Finance Director Scott Anderson.

The rating was given following a presentation in which both Brimm and longtime Trustee Jeffrey Braiman participated. Braiman, who said Brimm requested his presence, said, "My role was merely to confirm that this board, no matter whatever other problems and concerns we have, stands united behind staff regarding our financial policies."

Braiman said the village's strength has been in its financial policies and that two of the factors determining S&P's decision were good financial management and a low overall debt burden accompanied by modest additions to debt and rapid amortization.

"(Brimm) and his staff have done a great job the last 32 years," Braiman said, adding that Buffalo Grove is being upgraded at a time when other communities are being downgraded.

As for Brimm, he said the AAA rating is a source of pride, representing a lot of work over a period of years. "When the village first issued general obligation corporate bonds in 1981, we were non-rated and couldn't even get a rating at that time."

He added, "I think our policies at the front end of these economic cycles - paid off at the back end."