Money owed by your taxing districts:
This is the total outstanding debt and other liabilities owed by the Village. The $276,173,595 reported as of 4/30/18 is composed of the following components:
|Accounts Payable (bills owed but yet not paid)||$ 6,195,053|
|Accrued Interest (interest owed but not yet paid)||$ 2,778,944|
|Accrued Payroll (salaries earned but not yet paid)||$ 759,494|
|Other Liabilities||$ 2,512,487|
|Debt payments due in one year||$ 4,801,924|
|Debt payments due in more than one year||$ 259,125,693|
|Deferred Inflow of Resources (resources received, but applicable to a future period)||$ 50,923,067|
Pension and Healthcare Amounts Promised by Your Taxing Districts:
This is the total accrued liability related to the village’s three pension funds and post-employment benefits offered to retirees.
Amount of Pension and Healthcare Shortage:
This is the amount of the pension and healthcare benefits that have not yet been funded by the village.
% of Pension and Healthcare Costs Taxing Districts Can Pay:
This is the total percentage of the three pension plans and healthcare liability that has not yet been funded. The three pension funds are currently funded at the following levels:
- Police Pension 67.7%
- Firefighter’s Pension 59.8%
- Illinois Municipal Retirement Fund (IMRF) 86.9%*
*IMRF Report dates to 12/31/2018
Funded status and progress of pensions are calculated by an actuary and based on many assumptions about the probability of occurrence of events far into the future such as employment, mortality, and the healthcare cost contributions of the employer. Retirees pay 100% of their health insurance premiums.
Each year the village hires a licensed actuary to determine the annual amount that must be contributed to the pension funds in order to meet full funding levels in the future. Village contributions meet or exceed the annual funding amounts required per State statute.
More detailed information on all of these items can be found in the village’s Comprehensive Annual Financial Report for Fiscal Year ending April 30, 2018.