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Review and Discussion of the Firefighters’ and Police Pension Funds Actuarial Reports in Preparation for the Fiscal Year 2027 Budget and Property Tax Levy
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Introduction
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The Finance Committee will review the Firefighters’ and Police Pension Funds actuarial reports at its October 1, 2026 meeting. Todd Schroeder, Partner at Lauterbach & Amen, will present the actuarial findings and contribution recommendations and answer questions. The discussion will inform the Village’s FY2027 budget, property tax levy, and ongoing pension funding planning.
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Recommended Action
This item is for presentation and discussion only. No formal action is requested.
Prior Board Action
On September 3, 2026, the Finance Committee reviewed Stifel’s analysis of the Firefighters’ Pension Fund and the Village’s broader pension funding framework, including contribution timing, revenue reprogramming, and potential impacts on the property tax levy and capital financing. The Committee provided direction for further analysis, including refinement of Scenario 5, while retaining 100% funding by 2040 as the planning benchmark. The Police Pension Fund actuarial report was pending at that time. Staff will evaluate funding options within the context of the Village’s overall operating and capital needs as part of FY2027 budget development. No final financing strategy has been adopted by the Village Board.
Background
Lauterbach & Amen prepared funding and GASB 67/68 actuarial valuations for both pension funds as of January 1, 2026, using data as of December 31, 2025. The reports are dated September 23, 2026. The funding valuations establish recommended employer contributions; the GASB reports support financial statement reporting for the year ended December 31, 2025.
On an actuarial asset basis, the Firefighters’ Pension Fund’s funded ratio increased from 47.93% to 49.72%, with unfunded actuarial accrued liability of $74,472,182. The Police Pension ...
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