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Deerfield finance director reports steady finances, high pension funding and upgrades to billing systems
Summary
Finance staff updated the board on the village audit, budget submittal, utility billing portal adoption and police pension actuarial status; trustees praised the pension funding level and asked follow‑up questions about upcoming bond discussions.
Village finance staff told trustees on May 12 that Deerfield’s financial operations are steady, the audit fieldwork for the 2024 annual comprehensive financial report is underway, and the administration is implementing technological upgrades intended to improve utility billing and vendor payments.
Eric, who presented the report for the finance department, said the village engaged Baker Tilly for its annual audit under a five‑year contract through 2026 and has submitted the 2025 budget and capital improvement plan for review. The budget document was submitted to the Government Finance Officers Association (GFOA) for consideration for the Distinguished Budget Presentation Award.
On pensions, Eric reported the village’s police pension fund was about 87% funded on an actuarial basis at the end of 2023; he said the funding ratio was expected to drop slightly for 2024 but remain in the high‑80s. Mayor Daniel C. Shapiro commented, “85, 87% pension fund, that’s really good.” Finance staff said actuarial assumptions, salary increases and investment experience drive small year‑to‑year changes.
Operational updates included rollout of an online utility billing portal (InvoiceCloud) that gives residents more payment and account options. The village has about 6,300 utility accounts and roughly 1,200 of those had signed up for the portal since November 2024, staff said. The village also is implementing vendor ACH payments to speed vendor disbursements and reduce mail‑fraud exposure.
Eric listed routine workload and volumes: processing about 3,000 accounts‑payable invoices, generating roughly 2,300 monthly utility bills, and running payroll for about 115 village employees, 55 library employees and 46 police pensioners. He told trustees the village completed required filings tied to the federal Qualified Energy Conservation Bonds issued in 2011 and is monitoring debt service and future bond needs as part of the 2026 budget process.
The board had brief questions about recruitment, pension assumptions and the potential for future bonds. Trustees praised staff work and noted some staffing turnover with recent retirements; Eric thanked the finance team and said staff would return to present the audit results to the board when Baker Tilly completes fieldwork.
No formal board action was taken. The report was informational; staff will return with the final audited financial report and any bond proposals as needed.
