The Village of Romeoville held its Board Meeting on December 4, 2024, where key financial updates and tax levy proposals were discussed. The meeting began with a review of the actuarial funding ratios for both the Firefighters and Police Pension Funds, highlighting the financial health of these funds.

As of April 30, 2024, the Firefighters Pension Fund reported an actuarial funding ratio of 94.7%, an increase from 90.1% the previous year. The total market value of the fund's assets reached $15,979,969, reflecting a 15% increase. Estimated receipts for the upcoming fiscal year are projected at $2,100,000, which includes employee contributions, investment earnings, and municipal contributions. The recommended contribution for the 2024 tax levy is $632,103, which is 7.6% lower than the previous year.

The Police Pension Fund's actuarial funding ratio was reported at 74.56%, a slight decrease from 76.14% in the prior year. The total market value of the Police Pension Fund's assets was $63,876,165, with estimated receipts for the next fiscal year totaling $8,188,021. The recommended contribution for the 2024 tax levy is $2,910,221, based on various actuarial calculations.

The meeting also addressed the proposed tax levy for the Village of Romeoville, which is required to be passed by the last Tuesday in December. The proposed aggregate tax levy extension for the Village and Fire Department combined is $17,900,000, with a projected overall tax rate decrease from 1.1742 to 1.1388. This decrease is attributed to an increase in assessed property values and a need for increased funding for police pensions and insurance premiums.

The Village Manager was authorized to adjust the levy if assessed values fall below projections, ensuring the collection of the proposed tax extension while limiting the rate to no higher than the previous year. The meeting concluded with discussions about the potential for a property tax rebate for homeowners in the upcoming year, continuing a trend of declining tax rates for the tenth consecutive year.

Overall, the meeting underscored the Village's commitment to maintaining strong financial health while managing tax rates effectively for its residents.