Lake Barrington announces taxpayer savings and $1.5 million road infrastructure investment

The village of Lake Barrington Board of Trustees voted unanimously at its June board meeting to reduce municipal debt and accelerate local infrastructure improvements, while maintaining strict fiscal responsibility.

During the meeting, the board voted to hire bond counsel Chapman Cutler to initiate the process of paying down $310,000 of the village’s outstanding General Obligation Refunding Bonds, Series 2016. By accelerating the payment on these bonds — which carry a 4% interest rate and were originally scheduled to mature on Oct. 15, 2037 — the village will save residents over $430,000 in property taxes that would have otherwise been levied to cover the interest expense.

“This early debt retirement represents a direct savings to our residents,” Lake Barrington Village President Andy Burke said. “The board of trustees and I continue to be good stewards of our resident’s hard-earned tax dollars, and we are committed to actively managing our finances to reduce the tax burden on our community whenever possible.”

In a complementary move to bolster the community's physical assets, the board also adopted a resolution transferring $1,500,000.00 from the village's General Fund directly into the Infrastructure Fund. This strategic reallocation was made possible by the village’s continued strong financial performance and ensures that the comprehensive street resurfacing program is fully funded for the next four years.

Following this substantial $1.8 million fund transfer, the village of Lake Barrington’s financial health remains strong and the General Fund will continue to hold a 10.5-month operating reserve. This healthy surplus remains well above the seven-month minimum reserve required by the village’s fiscal policies, ensuring that the community remains prepared for unforeseen emergencies.