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Bensenville moves $15.1M 2023 surplus into reserves and targets $1.23M for police pension
Summary
Trustees approved Amendment 1 to the 2024 budget reallocating a $15,108,284.60 surplus across five tiers, including $10.29M to remain in the general fund and a $1,228,383.62 payment toward the police pension unfunded liability.
The Village Board approved Amendment 1 to the 2024 budget that reflects an auditor-determined general fund surplus of $15,108,284.60 and a multi-tier allocation plan. Finance staff said $10,291,093.92 will remain in the general fund to cover variances and reserves; remaining funds are allocated to a stabilization fund, a payment toward the police pension unfunded liability, and set-asides for debt and capital projects.
Under the plan, tier 3 includes a payment of $1,228,383.62 to the Bensenville Police Pension Fund to address unfunded liabilities. Staff said the pension fund is approximately 68% funded and the extra payment is intended to accelerate progress toward the village's funding goals. The board approved both the budget amendment ordinance and a separate resolution authorizing the pension payment by roll call.
