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Politics & Government

Report: Village Pensions on Solid Financial Ground

Western Spring Trustees receive favorable financial news from accounting firm during the Aug. 27 board meeting.

Western Springs’ three public pension funds are meeting or exceeding funding standards set by actuaries, according to the 2011 comprehensive annual financial report.

The report, prepared by Sikich, Gardner & Company, a public accounting firm, was briefly presented to the village board of trustees during Monday night’s board meeting. The three funds used by the village, the Illinois Municipal Retirement Fund, Police Retirement Fund, and Fireman’s Retirement Fund have funding levels of 71.84 percent, 60.5 percent and 129 percent respectively, said Brian LeFevre, a Sikich representative.

According to Pew Center on the States, 80 percent is the funding level most experts agree is fiscally sustainable for a pension system. However, LeFevre said the village is paying into the funds “at or above” what the actuaries are recommending.

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“All of these are on solid financial ground,” LeFevre told the board.

There are no current members in the village Fireman’s Pension Fund, but some benefits are being paid out. The village currently has 45 full and part-time employees in the Fire and Emergency Medial Service Department, according to the village website.

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In addition to meeting its pension obligations, the report shows the village ended Fiscal Year 2011 with an increase of $328,000 over 2010, giving the village a fund balance of $2,726,915. He said Western Springs compares favorably with other villages its size.

Village President William Rodeghier said he is happy to see the village continue to meet its financial obligations.

“In spite of the difficult economic times we’ve done well addressing those concerns and living within our means,” he said. 

Rodeghier added that when the village has had to dip into its reserves they have been able to recoup those funds without jeopardizing other projects.

The CAFR will be posted on the village website, Rodeghier said.

In addition to the financial news, trustees also unanimously approved a resolution to terminate a letter of credit for improvements related to the development of the Western Springs office center development at 4700 Commonwealth Ave.

The former Vaughan’s Garden Center, vacant since 2009, has been converted into office space for medical personnel by Western Springs Medical Center Partners, LLC.

When in 2010 and were required to comply with flood plain development requirements posted by the village. Those requirements had been ignored by the previous owner, Rodeghier said. The letter of credit was posted to guarantee site compliance. If the new owners did not comply the village would have had to draw on the letter of credit to complete the job. However, the new owners met the requirements and the letter of credit was no longer needed.

Rodeghier said Western Springs Medical Center Partners are currently looking for tenants.

Trustees also reappointed Deb Smith to the village Plan Commission for a three year term.

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