LaSalle County trust committee urges finance presentation on options to fund county insurance trust

The LaSalle County Insurance Trust committee voted to ask the county finance committee and full county board to consider options for funding the county’s self‑insurance trust and to request an in‑depth presentation by Phil Slevin on the trust’s status and funding alternatives.

Phil Slevin, who led the committee’s discussion of options, said the trust has saved county taxpayers money over the years but “we do have, we are underfunded right now.” He summarized two primary approaches: continuing to self‑fund — which avoids interest expense but requires sizable annual contributions and larger reserves — or bonding, which spreads costs and helps weather large loss years but carries interest and fees.

Committee members pressed for clarity about available proceeds from the county’s iFiber sale and whether those funds could be directed to the trust. Don Jensen suggested dedicating about $8,000,000 of iFiber proceeds to the insurance trust, arguing that earmarking funds for the trust would prevent future administrations from reallocating the money and help keep the trust solvent.

Committee members noted county procedures require either the finance committee or the full board to act to allocate the iFiber proceeds. The trust committee’s motion was advisory only: it directs the trust to recommend to finance that Slevin present a full history of the trust, explain the costs and benefits of self‑insurance versus bonding, and propose mechanisms to fund the trust.

A motion to send that recommendation to the finance committee and county board passed unanimously on a roll call vote. The committee said it prefers the finance committee receive the presentation first, with the full board to consider any funding decision soon thereafter, possibly as early as the July board meeting.

The committee did not bind the finance committee or the full board to any dollar figure; members emphasized that the trust’s recommendation is advisory and that the board will need to adopt any funding mechanism formally.