Huntley police pension board requests $1.707 million tax levy after actuarial valuation

The Huntley Police Pension Fund Board of Trustees voted July 25 to request a tax levy of $1,707,131 from the Village of Huntley after accepting an actuarial valuation prepared by Foster & Foster.

The actuarial valuation, presented by Heidi Andorfer of Foster & Foster, recommended a contribution of $1,707,131 for the pension fund, an increase of $188,817 from the prior year’s recommended contribution. The report reflects the board’s current assumptions and census data as summarized in the finalized valuation.

Trustee Timothy Heagney moved to accept the actuarial valuation and request the levy; Trustee Laura Mraz seconded the motion, which passed by voice vote. Trustees Michael Hewitt, Joseph Lanute and Laura Mraz voted in favor; Trustee Cathy Haley was recorded absent.

Board members did not adopt policy changes to the assumptions during the meeting; the motion accepted the valuation as prepared. The board directed staff to submit the levy request to the Village of Huntley based on the recommended amount in the Foster & Foster valuation. The transcript does not specify the Village’s next steps or a timeline for adoption of the levy.

The board’s action sets the pension fund’s recommended contribution that the Village will consider when preparing its tax levy ordinance and budget. The next regular meeting of the board is scheduled for Oct. 24, 2024, when any updates on the levy request or Village response could be reported.