The following report is from McHenry Alderman Scott Curry, sent Monday, December 5th:
Just wanted to let you know that McHenry City Council voted tonight to reduce our property tax levy by 3%!
A flat tax levy was proposed earlier to the Finance Committee and subsequently to full Council at the last meeting and at tonight’s public hearing.
Even though this was the first time that staff had come forward, unbidden, with a flat levy, I argued at all three meetings for reducing the levy instead of simply maintaining a flat levy.
At tonight’s meeting, I argued for a 3% reduction to the levy.
Comments from resident Craig Wilcox, Aldermen Vic Santi and Andy Glab added to the support.
Subsequently, the flat levy failed for lack of a second to the motion by Alderman Peterson.
I then proposed a 3% reduction in the levy which received a second and passed on a 4 to 1 vote (2 absences). The only no vote was from Alderman [Robert] Peterson.
The surprise was Alderman Geri Condon voting for the reduced levy after arguing against it (indicating she could support no more than a 1% reduction) and after voting against past flat levy’s.
Bottom line is that the City of McHenry will have a 3% reduced property tax levy for next year.
The tax payers are the winners!
So great elections are coming up–taxpayers see savings.
As of April 30, 2014, McHenry property taxpayers owed $18,242,250 to the McHenry Police Pension Fund.
The McHenry Township Firefighters is a separate property tax district, and it had a surplus as of that date (that pension began in 2012).
source:
Illinois Department of Insurance
Public Pension Division
2015 Biennial Report (covering years 2013 & 2014)
published October 1, 2015.
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More recent news is worse.
Looking at the most recent audit report on the City of McHenry website for the Fiscal Year 2016 (FY 2016) which ended April 30, 2016:
IMRF Net Pension Liability – $6,135,902 (81% funded as of December 31, 2015; that’s municipal employees other than police).
Police Net Pension Liability – $24,926,856 (45% funded as of April 30, 2016).
Total Net Pension Liability – $31,062,758
http://www.ci.mchenry.il.us/vertical/sites/%7B32BA702A-197A-429A-BC8D-0F4D5E307CAD%7D/uploads/15-16_SAS-Audit.pdf
note: Net Pension Liability = Unfunded Liability = Taxpayer IOU to the Pension Fund.
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How much money was “saved” by reducing the levy 3%?
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The unfunded liability in the McHenry Police pension fund has skyrocketed from $7,905,160 as of April 30, 2015 to $24,926,856 as of April 30, 2015.
That is a 215% increase.
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On November 16, 2000 Jack Franks voted for Senate Bill 851 (SB 851), which became state law when Governor George Ryan signed it into Public Act 91-0939 (PA 91-0939) on January 2, 2001.
PA 91-0939 increased the accrual rate from 2% to 2.5% for the 21st through 30th year of service.
That hikes the pension payout.
That is a pension cost hike.
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McHenry County Board Chair Jack Franks is currently and was a State Representative for the past 18 years.
He claims he never voted for a tax hike while a State Representative.
Jack Franks does not explain that he voted for pension cost hikes.
Typo correction.
The unfunded liability in the McHenry Police pension fund has skyrocketed from $7,905,160 as of April 30, 2005 to $24,926,856 as of April 30, 2015.
Here is the URL to the Illinois Department of Insurance, Public Pension Division, 2015 Biennial Report.
http://insurance.illinois.gov/Reports/Pension/pension_biennial_report_2015.pdf
Here is the URL to the Illinois Department of Insurance reports page that contains the Public Pension Biennial reports.
http://insurance.illinois.gov/Reports/Report_Links.asp
The following reports are included:
– 2015
– 2013
– 2011
– 2009
– 2007
– 2005
– 2003
– 2001
– 1999
The 2015 report, released October 1, 2015, was the first to list the individual police department, fire department, and fire protection district pension funding plans and the details of their funding.
Prior to that, the information was rolled up into summary information in the categories of “Downstate Police” and “Downstate Fire.”
Election Time!
Don’t be fooled!!!
https://s-media-cache-ak0.pinimg.com/736x/64/0a/35/640a35845e056be76a0810a44faac19c.jpg
Did anyone tell all the trustees the pensions are underfunded by $31 million dollars?