Village Approves Tax Levy for 2010
The village may have caught a minor break with this year's police pension fund levy, allowing some additional funding in other areas. Most residents will likely owe only a few cents over last year's bill to the village.
Burr Ridge approved the 2010 Tax Levy at its Dec. 13 meeting and with it came more discussion and hand wringing over the Police Pension Fund, although overall numbers for the village will be good.
The total request for the 2010 Tax Levy is $1,040,110, representing a 9.77 percent increase over last year's rate – but only in theory. The village is calculating a growth rate of 10 percent, likely a higher-than-actual number, but used this number to make sure they capture all possible growth in the village, said Village Adminstrator Steve Stricker.
In 2009, the village collected $947,523, orginally asking for a Tax Levy of $1,006,656.
Sticker said at the Nov. 8 meeting that some residents could see a maximum increase of around $3 in total tax paid to the village, but that increase will likely be no more than a few cents. Stricker pointed out that the village is among the smallest recipients on residents' tax bills.
The Tax Levy is comprised of three different levies: The Corporate Levy, Police Protection Levy and The Police Pension Fund Levy.
The Pension Fund has garnered much attention lately, particularly a few weeks ago when the General Assembly passed reform in an effort to reduce the fund's burden on state municipalities. With the legislation awaiting a signature from Gov. Pat Quinn, and news from the village's police pension fund actuary, it has been determined that the village could see a 10-20 percent reduction in funding obligations.
"This [the police pension fund] is still an unsustainable program," said Mayor Gary Grasso. "All legislators did was kick the can down the road."
The news prompted Stricker to present the board with two options on Monday night. The first option was to approve the tax levy with the Police Pension Fund portion at $704,238, as discussed previously on Nov. 8. The second option – and the one approved by the board – had the village realize some of it's pension savings and increase the corporate fund levy by $107,115.
The pension levy will now remain at it's 2009 figure of $597,123. The decision was made because money can be transferred into the pension fund levy if the actuarial calculation completed in July 2011 indicates a need for additional funding, however, if the amount is left in the pension levy now, it can not be transferred out later.
The next Village Board Meeting will be held in January.
