Thursday, Nov. 30, was Scott Bordui’s last day as director of finance for the Village of Flossmoor after serving the village for more than 27 years.
His legacy includes a number of accomplishments he’s proud of, including two bond rating upgrades. The most recent came in 2009 when Standard & Poor’s raised the village’s rating to AA+, one step below AAA, the highest rating.
That one was significant because it came during recessionary economic conditions, he said.
“That’s an objective view of that the world has of the village’s finances and financial management,” he said. “It’s an intense process to get rated, and the whole market is depending on an accurate rating.”
The first bond rating upgrade during Bordui’s tenure was for the bond used to build the new library building in 2002, he said.
Getting to AA+ was one of his top goals for the village, and after reaching it, he said the challenge will be to keep it. He noted that getting a AAA rating was probably unlikely because of economic factors outside the village’s control.
He estimated the good bond ratings might have saved the village and its residents hundreds of thousands of dollars in interest over the years.
Bordui also has contributed to more than half of the village’s 45-year streak of receiving Certificates of Achievement for Excellence in Financial Reporting from the Government Financial Officers Association.
Flossmoor Mayor Michelle Nelson said Bordui’s decades of reliable and trustworthy service to residents was only part of his contribution to the village.
“He has really expanded residents’ understanding of how our tax dollars are spent,” she said. “So not only the management side but also the education side of what he does has really been an invaluable service to the residents of Flossmoor.
“Not everybody is a teacher. Having somebody who is willing and able to engage with residents to help them understand where their hard earned dollars are going, is a tradition we expect to continue with Ann.”
Assistant Finance Director Ann Novoa was named to replace Bordui as director.
Bordui said helping residents understand village finance was a satisfying aspect of his career.
“I really have loved the community of Flossmoor,” he said. “I’ve always had ‘Scott’s organization chart,’ I guess that’s what I call it. I always have never lost sight that at the top of the organization chart is the residents.”
Two external trends he’s seen over the years probably will remain challenges for his successor.
One is the steady increase in pension obligations, something that governments throughout the state are wrestling with. Another is dealing with unfunded mandates, often in the form of new regulations that consume time to comply with but don’t include resources to accomplish compliance.
He said the key to addressing those situations is to “make sure when you’re budgeting that your budget aligns with your core services. I think that’s going to be more of a challenge as this trajectory continues.”
Bordui also is proud of the opportunities he had to serve in leadership roles in the profession, including stints as president of the Illinois Government Finance Officers Association and chairperson of the Illinois Metropolitan Investment Fund.
One of his missions has been to help recruit and mentor young professionals, recognizing that the corporate world offers higher wages than municipal finance jobs pay.
As he leaves municipal service, he plans to remain active in finance, joining a non-profit organization in Northwest Indiana.