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Treasurer outlines IMRF calculation option as monthly finances show timing-driven shifts
Summary
Lee County treasurer presented monthly financials and raised an option to change how IMRF pension contributions are calculated, saying it would raise short-term costs but boost long-term employee pension values.
Treasurer Paul presented Lee County’s monthly financial report and flagged an optional change to how the Illinois Municipal Retirement Fund (IMRF) calculates employee contributions.
Paul told the finance committee that IMRF offers a resolution that, if approved by the county, would allow employees’ IMRF to be calculated on total gross wages rather than after subtracting health insurance premiums. “Employees can have their IMRF calculated on their total gross wage instead of the subtraction of the health insurance,” Paul said, adding the change would increase county costs while slightly increasing employee contributions.
The treasurer said a back‑of‑the‑napkin estimate of the county’s added cost was about $25,100 a month, and that he would bring a formal, detailed estimate to the next meeting. He described the change as a recruitment and retention benefit because it would raise employees’ eventual pension values.
Finance staff member Reid reviewed December-to-December figures and explained several timing and one‑time items driving year-over-year differences. Reid said the apparent large expenditure drop compared with last December reflects last year having three pay periods versus two this December. He also noted county liability insurance timing typically shifts balances in early months of the year.
On the revenue side, Reid said sales and income taxes were down slightly, and that the county’s personal property replacement tax (PPRT) decline matched state projections. He pointed to three notable variances: (1) fines and fees were down about $100,000 largely because a zoning permit of about $104,000 was recorded last December; (2) services revenue was unusually high in December due to delayed state probation salary reimbursements, which included roughly three months of reimbursements (Reid described this as close to $100,000 for the month); and (3) sheriff’s reimbursements for Franklin Grove and Ashton began this fiscal year, including higher renegotiated fees for Paw Paw.
Paul and Reid also told the committee that the county corrected a formula error in the capital schedule’s remaining budget calculation and that Wipfli will be on site in February to perform the annual financial statement audit.
No formal county action was taken on the IMRF option during the meeting; Paul said he would present a formal proposal next month.
The meeting also approved the prior meeting’s minutes (moved by Nancy Naylor, seconded by Mike Book), a routine procedural vote recorded by the committee.
