FY 2027 Police and Fire Pension Fund Actuarial Reports and Tax Levy Preparation
Oak Park
Summary
The village reviewed actuarial reports showing a required $16.4 million combined contribution for police and fire pensions. Trustees discussed how these growing pension obligations impact the broader operating budget and property tax levy.
At a glance
- Total mentions
- 3
- Last 30 days
- 1
Discussed at 1 meeting in the last 60 days; most recently Oct 1, 2026.
Impact analysis
Combined recommended annual contribution of approximately $16.4 million, representing about 40% of the village's total tax levy.
Retired and active police officers and firefighters who rely on secure pension funds for their retirement security.
Local taxpayers face increasing property tax burdens driven by rising pension obligations and statutory funding requirements.
Mentions & discussions (3)
🌱 Patch AM: How much more could Oak Park homeowners pay under the 2027 tax plan?
Good day Oak Park! We're here again with what you need to know today. Grab a cup of coffee and read on. ☀️ In today's newsletter:How much more could Oak Park homeowners pay under the 2027 tax plan?What is Oak Pa...
Finance Committee — October 1, 2026
The village reviewed actuarial reports showing a required $16.4 million combined contribution for police and fire pensions. Trustees discussed how these growing pension obligations impact the broader operating budget and property tax levy.
Finance Committee — September 3, 2026
The village is evaluating alternative funding strategies to address significant unfunded pension liabilities for police and fire plans, aiming to reach 100% funding by 2040 while minimizing taxpayer impact.
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