Mount Prospect enjoying high sales tax revenues, aiming for top bond rating

Mount Prospect sales tax collections continued to grow last year, officials said this week.

But the village isn’t resting on its financial laurels; the village still has a AAA bond rating in its sights.

Finance Director Amit Thakkar told a joint meeting of the village board and the Finance Commission Tuesday, the village is one of the highest sales tax-generating municipalities in the state.

The village recorded $4.42 billion in total sales for 2025, while the village collected $44.2 million in sales tax revenue from in 2025, a more than 17% jump over the prior year.

The news was greeted enthusiastically by one village trustee, Colleen Saccotelli, who gave kudos to village staff and the business economy.

“We’re the third largest economy in the state for sales tax. I would like T-shirts printed up so that we can wear them,” she said.

At the end of the day, Thakkar said, it helps the village lower the property tax burden for residents.

Now, he said, the village, which is a notch below at AA+, is aiming for that AAA bond rating.

“We are checking boxes on all the possible criteria, except a couple,” Thakkar said.

One of those boxes is the village's $14.5 million economic emergency fund established from budget surpluses.

A top-tier rating would lower the village’s interest costs mainly on future bond issues. Thakkar said annual savings of 25 basis points on $100 million in debt would amount to $250,000 — more than $5 million over a period of 20 years.