Burr Ridge In 'Robust' Financial Position: Moody's

BURR RIDGE, IL — Despite economic challenges, a bond credit rating service says Burr Ridge is in a "robust" financial position and has an "extremely small debt burden," the mayor reported Wednesday. Like nearly all Illinois towns, the village's police pension fund is in a bad position.

On Wednesday, Mayor Gary Grasso quoted from Moody's March report in his daily bulletin on the coronavirus. The village's fund balance as a percent of operating income (110 percent) far surpasses the U.S. median and grew markedly between 2015 and 2019, the report said.

"So we appear to be well positioned with reserves to meet the challenges this pandemic has placed on our finances," Grasso said.

The Moody's report noted the village has an "extremely small debt burden," but the pension liability remains "unfavorably high."

"Our pension debt, like that of all Illinois municipalities, is due to generous public safety pension benefits that Springfield mandates villages pay without providing funds to the villages to pay them," Grasso said in the bulletin.

Burr Ridge is a wealthy town compared to most. According to the U.S. Census, the village's median household income is $145,000, well more than double Illinois' $64,000. Even among the suburbs, Burr Ridge's median income is high. For instance, nearby Darien's is $91,000. Meanwhile, few suburbs come anywhere near Hinsdale's $189,000.