Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: ID 22-124    Name:
Type: Report Status: Regular Agenda
In control: Finance Committee
On agenda: 6/13/2022 Final action:
Title: Review and Discussion of the Police and Fire Pension Actuarial Reports in Preparation for the Fiscal Year 2023 Budget and Property Tax Levy
Attachments: 1. Memo Actuarial Valuations 123121, 2. Oak Park Fire_Funding Actuarial Report_12.31.2021_Final, 3. Oak Park Police_Funding Actuarial Report_12.31.2021_Final
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Submitted By
Steve Drazner, Chief Financial Officer

Reviewed By
A.M. Zayyad

Agenda Item Title
Title
Review and Discussion of the Police and Fire Pension Actuarial Reports in Preparation for the Fiscal Year 2023 Budget and Property Tax Levy

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Overview
Overview
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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Anticipated Future Actions/Commitments
Recommendation
As noted above, this is part of a series of meetings to prepare for the next Fiscal Year(FY) 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.


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.

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 that has a separate actuarial division, to prepare the two public safety pension actuarial valuations for the Village. Although the Fire and Police Pension Boards have the option to hire their own firm to p...

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