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Huntley Police Pension Fund trustees approve 2026 budget, cash-management limits and insurance renewal
Summary
Trustees approved the 2026 budget, set cash-management parameters, renewed fiduciary liability insurance, accepted five Tier II members and approved a $43,801.70 contribution refund; the board also continued one officer's disability benefits and noted a procedural footnote about quorum for minute approval.
Huntley, Ill. ' At its Oct. 23, 2025 meeting, the Huntley Police Pension Fund Board of Trustees voted to approve the fund's 2026 financial year'end budget, establish cash-management parameters for the BMO account, renew fiduciary liability insurance for 2026 and carry out a set of membership and benefits transactions.
Trustee Timothy Heagney called the meeting to order at 4:00 p.m. and confirmed Trustees Timothy Heagney, Joseph Lanute and Laura Mraz were listed as present; Trustees Cathy Haley and Michael Hewitt were absent. Director of Finance Kristi Ward-Nickels and Attorney Jerry Marzullo attended, and Dhara Patel of Lauterbach & Amen prepared the minutes.
The board voted to adopt the 2026 budget after review; the roll-call vote recorded AYES from Trustees Heagney, Lanute and Mraz. The board also set the BMO account minimum balance at $80,000 and maximum at $160,000 and directed repeat monthly deposits of $80,000 for 2026.
On insurance matters, the board approved payment for a fiduciary liability insurance renewal offered by Markel American Insurance Company through Alliant Insurance Services, Inc., for coverage effective Jan. 1, 2026 through Jan. 1, 2027, in the amount of $3,494; the motion passed on a roll-call vote.
The board accepted five applications for Tier II membership: Daniel Fish Jr. (effective Aug. 25, 2025), Thomas Fuerst (effective Sept. 29, 2025), Juana Garza (effective Sept. 29, 2025), Cassandra Kearney (effective Aug. 25, 2025) and Julio Rangle-Olague (effective Aug. 25, 2025). A separate roll-call vote approved a contribution refund for Joshua Prokuski in the amount of $43,801.70 issued on Sept. 30, 2025.
On disability matters, Attorney Jerry Marzullo reported that the member Daniel Rowe had been granted a non'duty disability pension; the Decision and Order will be available for review and approval at the next regular meeting. The board reviewed an independent medical examination of Officer James Daley by Dr. Conroe and voted (motion by Trustee Joseph Lanute, seconded by Trustee Timothy Heagney) to continue Daley's disability benefits and to require further annual examinations until age 50.
The board reviewed investment materials prepared for IPOPIF by Verus Advisory, Inc., including a reported one'month total net return of 2.6% and the IPOPIF figure provided in the Verus report. The State Street monthly summary for the fund was also reviewed; it listed a market value of $25,286,687.47 as of Sept. 30, 2025 and a month'to'date net return of 2.04%.
Trustees also adopted the Municipal Compliance Report prepared by Lauterbach & Amen and authorized signature by the Board President and Secretary. The board set its 2026 meeting dates as Jan. 22, April 23, July 23 and Oct. 22, all at 4:00 p.m. at Huntley Village Hall.
A procedural footnote in the meeting record notes that, on the advice of legal counsel, the correct quorum for approving the Oct. 23 minutes would require Trustees Heagney, Lanute and Mraz but that a subsequent determination reported that Laura Mraz was no longer on the Huntley Police Pension Fund Board of Trustees; the board recorded that the minutes as written reflect the recollections of Trustees Heagney and Lanute and that the minutes will be released as explained in that footnote. The minutes were prepared by Dhara Patel, Lauterbach & Amen.
The meeting adjourned at 4:47 p.m. The next regular meeting is scheduled for Jan. 22, 2026 at 4:00 p.m.
