Interest Expenses Exceed $650,000 a year

The Park District had about $19 million of debt in 2024, and will pay about $5.7 million in interest on that debt until maturity. Interest payments alone will cost taxpayers over $650,000 a year.

Debt over the years has increased. The big spike in 2019 is due to the referendum that passed for the $17 million purchase of the McDonald’s soccer field property, which taxpayers agreed to. However, there was another bond issuance in 2023 for $2.7 million to pay for the construction of new bathrooms, concession stand and amphitheater on that very lot.

With this much debt, plus current interest payments of over $650,000 a year and the $6 million expansion planned for 2025, is the Park District really spending responsibly into the future? Will taxes increase or decrease to cover all these payments?

The Park District has $10 million of our tax dollars in the bank, why are they not paying down more debt and saving on interest costs?