LaSalle County approved retaining an actuarial consultant to update the county’s self-insurance trust actuarial study and projections, voting unanimously to authorize the hire and set a spending limit.

The vote came after county staff described that two consecutive years of better investment returns made it an appropriate time to update the study. "He'll tell us how much we're gonna be short the current plan," said Mike, a county staff member, describing the expected scope of the consultant's work.

Why it matters: The actuarial study will estimate the trust's unfunded liability and produce present-value calculations to show how much funding would be needed to sustain benefits for the next 10 years. The results could affect whether the county issues debt to fund the trust or uses cash on hand.

County staff said the consultant will update reserves as of Nov. 30, 2025, review past losses, current claims, payroll and salary information, and run projections for multiple future years. "You don't have to bond for it," Mike said, explaining that an actuarial update is informational and does not by itself require issuing bonds.

Board discussion included the cost of the study. The board set an approval threshold of $6,000 with allowance to contract up to $7,000 if necessary; members said staff would control spending and seek alternatives if the consultant's fee exceeded that limit. County board member Zanecki moved to hire the consultant; county board member Small seconded the motion. The motion passed on a roll-call vote.

Board members and staff emphasized that the consultant’s update is an estimate based on data and assumptions. "He'll update it. He'll talk to Melissa. He'll look at what their billings are worth. Have you hired any pay bill? Look at salaries. Look at everything, and he'll come up with a guess," Mike said, characterizing the work as an "educated guess" to inform future decisions.

The board directed staff to provide the actuarial report to the board when complete and said any decision to issue bonds would be separate from approving the study.

The county also noted that the trust has roughly $700,000 in cash and that the portfolio has produced about 4% returns during the past year, figures staff said provide liquidity while the study is prepared.

Ending: The consultant's update was accepted for contracting at the approved limit; staff will finalize the contract, ask the consultant for the final fee, and report back with the completed actuarial study for the board’s consideration.