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Northfield board adopts budget amendment, directs $250,000 to IMRF to reduce pension contribution rate
Summary
The Village Board unanimously adopted an amendment to the 2025–26 budget, reporting a $285,355 year‑end balance and directing $250,000 toward the village's IMRF unfunded liability to lower future contribution rates.
The Northfield Village Board voted to adopt an ordinance amending the fiscal year 2025–26 budget and to direct $250,000 of surplus funds toward reducing the village's IMRF (Illinois Municipal Retirement Fund) unfunded liability.
Patrick, the village manager, told the board that the village's ending balance is $285,355—well above the roughly $43,000 surplus anticipated when the budget was adopted a year earlier—and recommended applying $250,000 of that surplus to IMRF. “As we work through the year with additional revenues and some additional expenses, our ending balance is $285,355,” Patrick said. He explained that every $300,000 applied against the unfunded liability would reduce the contribution rate by roughly half a percentage point and that reducing the liability could save the village about $200,000 a year in contributions under current assumptions.
Trustees questioned the numbers for clarity and thanked staff for the forward-looking recommendation. Following a motion and second, the deputy clerk conducted a roll call and the ordinance was adopted.
Votes at a glance: The roll call recorded affirmative votes in favor of the budget amendment (motion carried; transcript shows trustees voting "Yes" during the roll call). No dissenting votes were recorded in the public transcript.
What this means: Applying the $250,000 will lower the village's IMRF contribution rate incrementally over time, in Patrick's estimate, and leaves a remaining positive fund balance for the general fund or other uses the board may later authorize.
