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Finance & Budget Committee recommends PPRT be applied to public safety pensions, forms subcommittee on investment rate and tables excess-reserve rule
Summary
The Evanston Finance & Budget Committee voted Jan. 7 to recommend city council apply the maximum statutorily allowed Personal Property Replacement Tax (PPRT) to public safety pensions — reduced by 11.3% while the city’s potential library liability is unresolved — and formed a subcommittee to recommend the pension investment-rate assumption. A proposed policy on using excess reserves was tabled until February; members asked staff for detailed fund-balance reporting.
The Evanston Finance & Budget Committee on Jan. 7 recommended that the city apply the maximum statutorily allowed Personal Property Replacement Tax (PPRT) to public safety pensions before other funding sources, with the motion including a temporary 11.3% reduction while the city’s potential liability to the library over PPRT is unresolved.
Council member Kelly, who backed using stable revenue streams for pensions, said the change reflects best practices: “I know that major credit rating agencies, Moody’s, S and P, Fitch, they all support dedicating a revenue stream such as this to this long term financial, commitment for this pension debt liability,” she said during the meeting. Staff cited guidance from the Illinois Department of Commerce that PPRT funds can be used first for public safety pensions, IMRF and related payroll liabilities.
The committee debated the proposal after a public commenter, Jack Mortel — a longtime Evanston resident and president…
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