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Oak Forest staff projects $97,000 year-end balance and proposes incremental assessment increase
Summary
At a March 4 special meeting staff projected a roughly $97,000 year-end fund balance and presented a model that would raise the district's special assessment incrementally (examples discussed: $5 increases) to avoid depleting reserves over coming years.
Staff presented the committee with fiscal-year-to-date actual expenditures through Jan. 31 and a projection showing an estimated fund balance of about $97,000 at year-end, then walked the committee through a multi-year model to evaluate potential assessment changes.
The staff presenter said the district did not need to raise the assessment immediately but outlined a plan of incremental increases over the next four years to maintain reserves and to cover anticipated costs for irrigation repairs, plant replacement and other maintenance items. "What your estimated fund balance will be at the end of the year is around $97,000," staff said when reviewing the projection.
Committee members asked clarifying questions about how the special-assessment charge is calculated and what a $5 increase would mean for homeowners. Staff explained the charge uses an ERU (equivalent residential unit) formula with some parcels assessed at higher multipliers depending on proximity and benefit; for example, one committee member noted devices that yielded a 1.25 ERU last year and asked about the household impact.
Staff noted the district previously raised its legal maximum to $83.04 but kept the actual assessment at $60. The model showed that maintaining the assessment at $60 would gradually draw down the fund balance; applying modest increases was presented as a way to avoid more dramatic rate adjustments later.
Other operational items raised in the meeting included hedges along the wall that are declining and a plan to clear vegetation from the rear of the wall so staff can assess mortar and determine tuckpointing needs. Staff said pruning, fertilization and targeted replacements could be budgeted as part of future contract work or as a separate a la carte line item.
Staff will provide committee members with copies of the budget model and the detailed parcel-by-parcel ERU listings for review ahead of the May meeting when the committee will revisit assessments and the FY27 budget.
