Itasca board approves levy resolutions, acknowledges police pension report
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Summary
The Village of Itasca board approved a batch of levy-related resolutions and ordinances on Nov. 19, 2024, including an estimate of the 2024 tax levy and several special-service-area levies; the board also acknowledged the police pension actuarial valuation and heard a recommended $2,466,000 contribution.
The Village of Itasca Board of Trustees on Nov. 19 voted to advance several tax-levy measures and acknowledged the police pension actuarial valuation for the fiscal year ending April 30, 2024.
Trustee Powers, presenting the Finance and Operations Committee package, said the village must file its property tax levy with DuPage County under Truth in Taxation rules and is limited to the lower of the consumer price index (3.4% cited) or 5% for non–home-rule municipalities. He recommended levying an additional 2–3% to capture expected new growth so the village would not forfeit incremental revenue from new construction or annexation. ‘‘If we don’t do this now, the village would lose out on this incremental amount going forward,’’ Powers said.
The board approved a resolution estimating the 2024 tax levy and introduced an ordinance levying taxes for corporate purposes (first reading). Trustees also approved 5% levies for two Special Service Areas — Spring Lake and Hamilton Lakes — the maximum allowed under the Property Tax Extension Limitation Law, and ordinances abating taxes to pay principal and interest on the village’s 2022A and 2022B general obligation refunding bonds. All motions were seconded and carried on roll calls taken during the meeting.
On pension finances, Jennifer (finance staff) reported the Police Pension Board met that evening and recommended a contribution of $2,466,000. Trustee Powers said the village is levying conservatively to meet long-term funding goals; he noted a state Department of Insurance benchmark that aims for 90% funding by 2040 but said the village’s approach is more conservative.
The board also approved a resolution acknowledging receipt of the police pension actuarial valuation report for the year ending April 30, 2024.
What happens next: the corporate-levy ordinance was introduced as a first reading; the second reading and final action are scheduled for Dec. 17, when the village will also hold a Truth in Taxation public hearing as required because the levy exceeds 5% in total.
Votes and formal actions recorded at the meeting are reflected in the village minutes and the motions taken on Nov. 19 will be posted with the Dec. 17 agenda for final adoption where required.
