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Staff flags IMRF, Torch and Fire Life Safety funds in the red, explains limits on uses
Summary
During the finance meeting, staff said three funds—IMRF, 'Torch' and Fire Life Safety—show deficits or constrained balances and explained legal and policy limits on using those dollars for other purposes.
The presenter told the committee that several reserve funds are positive but that three funds—IMRF, 'Torch' and Fire Life Safety—are currently shown in the red. "The 3 that are in the red are the IMRF, the Torch, and the Fire Life Safety," the staff member said, then described IMRF as a fund that cannot be repurposed for general operations.
Staff detailed that IMRF covers retirement/social-security-like obligations for non-certified employees and that the Fire Life Safety fund is intended to finance health-and-safety projects; staff said putting the elementary window replacement on the life-safety plan would allow that expense to be paid from the Fire Life Safety fund rather than the O&M fund. The presenter noted the IMRF shortfall was modest (about $15,000 short at present) and expected levy timing and upcoming EBF/PPRT adjustments could resolve or change balances.
