Submitted By
Cara Pavlicek, Village Manager
Agenda Item Title
Title
Police and Fire Pension Discussion related to FY19
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Overview
Overview
This is the second meeting of the Finance Committee related to the FY19 budget. The October 11, 2018 meeting will focus on the Fire and Police Pension Funds as well as a discussion of the recommended agenda related to future meetings of the Finance Committee.
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Anticipated Future Actions/Commitments
Recommendation
The Police and Firefighters' pension recommended contributions are 100% funded via property tax levies which are typically approved by the Village Board in December along with the General/Corporate and Debt Service Fund levies. The recommended levies (annual employer contributions) per the Lauterbach valuations for the public safety pensions are as follow:
Compared to the prior year, the police levy recommendation increased from $5,470,687 to $6,211,250, or approximately 13.5% while the fire pension levy decreased from $5,277,679 to $5,158,133, or about 2.3%.
In addition, there were no changes to any of the assumptions used by Lauterbach & Amen. A summary of the major assumptions are included in the attached memo.
Lauterbach & Amen previously attended quarterly pension board meetings to present and discuss the actuarial valuations and answer questions from both Boards. The Fire Board previously submitted their tax year 2018 levy request which agrees to the L&A recommended contribution and is included in this agenda item.
Separately, the Finance Committee has begun its review of the recommended Capital Improvement Plan for 2019-2023 holding its first meeting on Monday, October 8, 2018. The following schedule is proposed for Finance Committee review of the recommended FY19 budget in advance of the FY19 Budget's review by the full Village Board which will begin in November.
Monday, October 8, 2018, 6:30 p.m. the Finance Committee reviewed the Recommended Five Year Capital Improvement Pla...
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