Employee Compensation Disclosure (Public Act 97-609)
Effective January 1, 2012, Illinois Public Act 097-0609 (5 ILCS 120-7.3) requires that employers participating in the Illinois Municipal Retirement Fund post compensation information for designated employees. Information on employee total compensation packages equal to or exceeding $150,000 per year must be posted at least six days before budget approval, and information on total compensation packages that exceed $75,000.00 per year must be posted within six days of budget approval. View links below for more.
Police Pension Reports
The actuarial report for the Police Pension Funds includes information on funding status and required annual contributions for pensions.
View the Actuarial Report documents below.
Property Tax Levy
Property taxes are collected by the Village solely as a means to fund the Village's Police Pension obligations. The Village levy's the maximum PTELL amount in order to meet the annual contribution recommendation from the Department of Insurance or the Lauterbach & Amen's Police Pension actuarial report. The property taxes accounts for approximately 11% of the budgeted revenues for the Village. On resident’s property tax bill, the Village’s levy accounts for approximately 7% of the overall bill. This means that for every $1 paid in property taxes, the Village receives seven cents.
View the Property Taxy Levy documents below.
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