Fire Protection District Saves Taxpayers More Than $600,000
The Barrington Countryside Fire Protection District retired more than $1 million in long-term bond obligations.
The Barrington Countryside Fire Protection District (BCFPD) retired more than $1 million in long-term bond obligations this past summer, saving roughly $661,000 in interest payments due over the next 20 years.
“Retiring the bonds is a smart move from a fiscal standpoint, but it also helps lower the tax burden on residents who fund District operations,” explains BCFPD Treasurer Thomas C. Long, M.D. “In turn, we can use the savings to improve fire and emergency medical services.”
Those savings could help the Board of Trustees fund ongoing operating expenses, and make upgrades to equipment and facilities without raising taxes on residents.
The retired bonds date back to 2002, after residents approved a ballot referendum allowing the Board of Trustees to raise funds for a third fire station. The Board originally issued $1,300,000 in bonds to fund the purchase of District Station #3, 22222 N. Pepper Road, Lake Barrington, to improve response times to the District’s northern sections.
Principal payments and interest, ranging from 3.9% - 5.5%, were due on an annual basis through October 2032. Instead, the Board of Trustees elected to pay off the outstanding bonds, totaling $1,052,000, this past summer.
District officials estimate taxpayers will save approximately $500,000, based on current investment rates.
Established in 1940, the Barrington Countryside Fire Protection District receives emergency fire and medical service from the Barrington Fire Department, which is responsible for protecting the lives and property of District residents through an intergovernmental agreement between the District and Village of Barrington. The District serves portions of Barrington Hills, South Barrington, Lake Barrington and Inverness; and portions of unincorporated Cook, Lake and McHenry Counties.
The BCFPD Board of Trustees meets the third Monday of each month, 6:30 p.m., at the Barrington Public Safety Building, 400 N. Northwest Highway, Barrington, IL. For more information on District activities and events, visit www.bcfpd.org or call 847-304-3600.