Burr Ridge board accepts clean audit; approves estimated police-pension levy at $1.344 million

The Village of Burr Ridge board received the village’s fiscal 2025 audit and the police pension actuarial reports and unanimously adopted a resolution estimating the 2025 property tax levy to fund the police pension at $1,344,080.

McCabe Thorpe, audit manager with Lauterbach & Amen, told trustees the village’s comprehensive financial report earned an unmodified audit opinion for the year ended April 30, 2025, and congratulated staff for a clean audit and strong fund balances. Thorpe walked the board through fund-level statements, management’s discussion and analysis and GASB-required notes.

Actuary Anthony Gavillas, also with Lauterbach & Amen, presented the police pension funding report. He said the actuary’s recommended contribution for the year is $1,344,080 and that the plan’s funded percentage was about 67% as of April 30, with plan assets of about $25.1 million and a calendar-year investment return of roughly 10.76%.

Gavillas explained that the recommended contribution combines employer normal cost and amortization of unfunded liabilities, and that demographic changes, retirements and assumption updates affected this year’s figure. He also provided an alternative calculation that follows Illinois statute targeting 90% funding by 2040; the firm’s recommended contribution is intended to move the plan toward 100% funding.

Trustees discussed the levy mechanics and were told staff will bring back an ordinance for formal levy adoption and will file the ordinance with the counties. Mayor Pro Tem Guy Francis said the recommended amount is lower than last year’s levy of about $1.37 million and that, if equalized assessed values grow, many property tax bills should decline.

The board voted by roll call to adopt the resolution estimating the levy; the motion passed 5–0. The board also voted unanimously to receive and file the audit and actuarial reports.