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Review and Discussion of the Police and Fire Pension Actuarial Reports in Preparation for the Fiscal Year 2026 Budget and Property Tax Levy
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Introduction
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This is the first meeting in a series of meetings the Village schedules annually to prepare for the next fiscal year's budget. Each year, the Village reviews the actuarial valuations for the Police and Fire pension funds. The Police and Fire Pension Boards are also invited to participate in this conversation.
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Recommended Action
There is no recommended action; this item is a report only.
Prior Board Action
There is no prior Board action associated with this specific item.
Background
Chapter 2 of the Municipal Code establishes the foundation for the Municipal Budget and provides:
* The Village fiscal year is January 1 - December 31 annually.
* The Board of Trustees must adopt the annual budget prior to the start of the Fiscal Year, and the passage of the annual budget shall be in lieu of the passage of the appropriation ordinance.
* On or before the Village Board of Trustees' first regular meeting in November of each year, the Village Manager shall submit to the Board of Trustees an annual Municipal budget which contains estimates of revenues together with recommended expenditures in conformity with good fiscal management practice.
* The Village of Oak Park, pursuant to Sections 9-1-3 and 19-1-3 Municipal Code, has established the Firefighters Pension Fund and Police Pension Fund as required by state statute.
* A property tax levy is the sole source of funding for the Police Pension and the Firefighters' Pension Funds. The Village has a contract with Lauterbach & Amen, a certified public accounting firm with a separate actuarial division, to prepare the two public safety pension actuarial valuations for the Village. Although the Fire and Police Pension Boards may hire their own firms to prepare a valuation and recommend an annual pension contribut...
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