The Lake in the Hills Village Board on Thursday approved an estimated $1.5 million police pension fund levy request for the 2019 levy year, which represents a 9.17% increase over last year’s request.
A significant amount of the increase was a result of investments returning less than what was expected during fiscal 2018, according to village documents.
Village President Russ Ruzanski said there weren’t any investments that were not performing, but it was more of a lack of anticipated performance in certain areas.
Ruzanski added that the police pension fund board is looking very carefully to see what adjustments can be made to avoid larger levy increases in the future.
The levy amount is determined by Lauterbach and Amen LLP, a Naperville-based actuary hired jointly by the village and the police pension fund.
For the 2018 levy year, the Lake in the Hills police pension fund board requested a levy of about $1.37 million, which represented an estimated 0.14% increase over the previous year.
The police pension board’s 2017 levy request was about 5.9% more than the previous year.
Because the police pension is unable to legally levy a property tax, the village incorporates the funding requirements into its levy to support the retirement benefits of the police pension fund and Lake in the Hills Police Department personnel, according to village documents.
The entire Lake in the Hills property tax levy will be presented for Village Board approval later this year.