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Saint Charles council updates surplus policy, approves $274,944.88 in bills
Summary
Council approved an updated surplus policy with a sunset for review and approved payroll/claims totaling $274,944.88 by roll-call vote; staff outlined the village practice of allocating 25% of any general-fund surplus to pensions, 25% to OPEB and the remainder to the general fund.
The Village of Saint Charles council voted to pass an updated surplus policy and approved bills totaling $274,944.88.
Staff explained the village’s practice for handling general-fund surpluses: when the village underspends, 25% of surplus goes to pension funding, 25% to other post-employment benefits (OPEB) and the remainder returns to the…
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