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Finance committee reviews insurance‑trust payments, bond payoff options and requests actuary comparisons
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Summary
Committee reviewed insurance‑trust activity, reported a large reinsurance payment and an initial principal payment on the 2019 bond; members requested comparisons of buying insurance on the open market versus using trust funds and discussed deposit/timing of planned receipts.
LaSalle County's Finance & TIF Committee spent a portion of its Feb. 3 meeting reviewing the county's insurance trust and long‑term bond obligations after an auditor's report showed large disbursements earlier in the year.
A committee member noted disbursements of about $12 million and receipts of roughly $9 million in the insurance trust fund and asked whether a bond payoff had occurred. Stephanie explained the county had paid a significant portion of annual reinsurance premiums and had made the first principal payment on the 2019 bond in late November/early December. "We made that back in late November, early December," she said.
Members described an actuary draft that projects needs through 2032 and discussed possible options, including issuing new bonds or using trust and iFiber monies to manage payments. "They're supposed to bring us back comparisons between what it would cost to go out on the street for insurance and what we could get fund to trust for," one member said; Grama and other members said finance should be closely involved before decisions affecting the trust are finalized.
Committee members asked staff to provide the actuary estimate and supporting comparisons and recommended at least occasional joint meetings between the insurance‑trust committee and finance so both bodies would be aligned before recommendations go to the full board.
Next steps: committee asked staff to deliver the actuary/draft comparisons and to coordinate a joint discussion with the insurance‑trust committee before any final recommendation to the full board.
