Submitted By
Steve Drazner, Chief Financial Officer
Agenda Item Title
Title
Discussion of the Police and Fire Pension Actuarial Reports in Preparation for the Fiscal Year 2021 Budget & Levy
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Overview
Overview
This is the first meeting in a series of meetings the Village schedules annually to prepare for 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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Anticipated Future Actions/Commitments
Recommendation
As noted above, this is part of a series of meeting to prepare for the next fiscal year budget.
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 passage of the annual budget shall be in lieu of 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.
Body
Report
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 Funds as required by State Statute.
The property tax levy is the sole source of funding for the Fire Pension and the Firefighters Pension Fund. The Village has a contract with Lauterbach & Amen, a certified public accounting firm which has a separate actuarial division, to prepare the police and firefighter's actuarial valuations for the Village. Although the Fire and Police Pension Boards have the option to also hire their own firm to conduct their actuarial, this year both pension b...
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