Cary Park Board Abates Portion of Tax Levy

The Cary Park Board of Commissioners on Thursday night voted to hold the line on its property tax levy for the upcoming year.

About $70,000 in additional tax dollars is available to the district from growth in the consumer price index, according to a news release issued by Katie Hughes, communications director for Cary Park District. 

During the meeting the board took action to abate this portion of the tax bill.

“We are always looking at the big picture,” said Mike Renner, Park Board president. "Since the capital project program of the district will be light in the coming year, the board decided that leaving these dollars with the taxpayers was the best approach this year.”

In September, the Cary Park District refinanced $6,995,000 in General Obligation Bonds and debt certificates that were issued in 2003, 2004, and 2005 for park space acquisitions and developments, Hughes said.

Due to the strong long-term financial performance of the district and an excellent bond rating, this move resulted in savings of $759,914 (due to a lower interest rate), she said. The maturity schedule of the debt remains the same.

“The last projection from our financial consultant was a savings of approximately $240,000 by refinancing,” Renner said. “We were both surprised and thrilled with this outcome.

The savings will be realized over time and will free up additional financial resources to be reinvested into the district in future years. 

"Like" Crystal Lake-Cary Patch Facebook