As a result of the financial predicament of the State of Illinois, local governments of all types have been impacted by programs that have been eliminated at the state-level and funds that have been promised but delayed. This impacts the ability of municipalities, school districts, community colleges, libraries, park districts, and other local governments to plan for their expected and promised revenues in a reliable manner.
Given these circumstances, financial firms have increasingly viewed units of government in Illinois as being a greater financial risk than in the past. Even if the local governmental entity manages its resources well, if it draws funds from the State, doubt exists about when or if that money will be delivered. For local governmental agencies that have had new bond ratings recently, existing in the State of Illinois has typically been a factor in lowering the organization's rating, despite its efforts to manage funds responsibly.
Despite this scene of financial despair throughout the State of Illinois, Maine 207 recently completed a new bond rating process and received a AAA rating, the highest rating possible, due to the successful management and oversight of the community's financial resources. This work has been led by the Board of Education, Superintendent Dr. Ken Wallace, and Assistant Superintendent for Finance Mary Kalou.