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Mount Prospect board hears finance director’s upbeat Q1 review; bill SB 1937 flagged as pension risk
Summary
At a joint village board and finance commission workshop April 21, Mount Prospect leaders heard an unaudited first-quarter financial review showing strong sales‑tax collections, a $14 million economic emergency fund and improved pension investment returns, while officials warned that pending state bill SB 1937 could raise local pension liabilities.
Mount Prospect’s village board and finance commission met April 21 for a joint workshop where the village’s finance director, Amit, presented an unaudited review of 2025 results and first‑quarter 2026 performance, reporting robust sales‑tax revenue and newly created reserves.
Amit told elected officials the village “created an economic emergency fund from our surpluses, and we are holding currently 14,000,000 plus in that fund,” and summarized other highlights: strong investment returns for police and fire pension funds, higher-than-expected sales and home‑rule sales tax collections, and a record of collections recorded as receivables because Cook County delayed property‑tax billings.
The presentation showed sales tax of about $44.2 million in 2025 — a year‑over‑year increase cited repeatedly by staff — and indicated the village’s general fund outperformed the original budget in several revenue categories. Amit cautioned figures were unaudited and that delayed second‑installment property‑tax distributions affected the village’s cash balance even though receivables were recorded.
Trustees pressed staff on risks and timing. “If SB 1937 were to pass, that throws off our goal, doesn’t it?” Trustee Dante asked, referencing a state bill that staff said could materially increase local pension liabilities. Amit replied the change would “increase our pension liability tremendously” and could put upward pressure on future property‑tax levies if enacted.
Board members also discussed the village’s aspirations for a AAA bond rating. Amit said the administration is working with actuaries and bond advisers and has taken steps — including a pension‑stabilization mechanism and the economic emergency fund — that may help meet rating criteria.
Finance commission president Ken Arc commended the finance team and urged continued emphasis on strengthening pension funding and maintaining the emergency reserve. Mayor Paul Hoefert said the village’s financial condition “has never been stronger” and emphasized prudence even in good times.
Votes at a glance - Minutes of April 7, 2026 — approved on roll call (unanimous). - Reappointments to boards and commissions — ratified on roll call (unanimous). - Consent agenda — approved on roll call (unanimous). - Adjournment — approved on roll call (unanimous).
What’s next The presentation is based on unaudited 2025 results and Q1 2026 figures; officials said a finalized audit will be shared later and that the village will return to the finance commission and board when bond‑issuance plans or pension strategies are more fully developed.
