Proverbs 6 6-9 “Go to the ant, you sluggard! Consider her ways and be wise, which having no captain, overseer or ruler, provides her supplies in the summer, and gathers her food in the harvest”
Is The Party Over for the DiMaria Administration with the recent downgrading of the Village of Morton Grove Bond rating by Moody’s? Moodys downgrades MG bonds
Due to the already heavy debt load being carried by the village with its pension obligations of over eighty million dollars and narrow cash reserves do to the increase in spending since Dan DiMaria took office. The future for Morton Grove residents looks to be PAY PAY PAY more taxes.
The Village of Morton Grove is expected to issue an additional 10.3 million dollars in a bond in February 2015 ( with no plans released to the public for the use of that money)adding to an already troubling financial situation for the village.
Let’s add up the tally so far. Political bosses Mayor DiMaria and Trustee Grear are hell- bent on building a new Municipal Center that would cost over 20 million dollars; an $80,000,000 pension obligation plus the $10,000,000 new bond; $6,000,000 existing debt that comes to $96,000,000 give or take a couple of million dollars.
The village of Morton Grove is in desperate need of a cheaper water source. Preliminary cost for infrastructure of a new water supplier is in the range of $100,000,000 plus.
Has there been any discussion about, or town hall meetings on how much debt the residents are looking at? Perhaps this is that not a glamorous enough subject for the Mayor DiMaria to talk about. $200,000,000 is something that needs to be talked about!
Dan DiMaria’s background is as a Mortgage Broker, Commodities Trader, and Finance Professional. He should know better than risk the financial security of Morton Grove or is he following the path his Wall Street cronies took in the past twenty years?
Wall Street has no moral conscience. No public values. Zero. Will never change. Why? Wall Street insiders have one goal: get personally rich.
Wall Street’s gambling casino with a million “croupiers” manipulating gaming tables 24/7, skimming a third of your returns off the top. You can’t win. They get richer pocketing millions by betting against average Americans who work all day. Yes, the games are fixed. They have zero morals. The house always wins. Always.
Who will be the winners in Morton Grove? The consultants and the bond houses will reap the benefits. Who will be the losers? As usual, the Morton Grove taxpayers will lose.
The village trustees are supposed to be the watchdogs. It is their job to ask the questions before approving spending or borrowing. So far, under this administration, only two trustees have attempted to “put on the brakes” by voting no on the last budget. Coincidentally, they are the two trustees who have not been slated for reelection by the party in power. Political bosses don’t get mad, they get even.
There is a village board meeting coming up. It would make sense to attend and ask the hard questions. It’s YOUR money… not the Political Bosses private piggy bank.
Information in this came article came from Moody’s investors service