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File #: 24-0180    Version: 1
Type: Agenda Item Status: Adopted
File created: 2/27/2024 In control: Finance Committee
On agenda: 3/7/2024 Final action: 3/7/2024
Title: Authority to Transfer $42,742,295.00 of excess revenues to the Metropolitan Water Reclamation District Retirement Fund pursuant to the provisions of 70 ILCS 2605/5.9

TRANSMITTAL LETTER FOR BOARD MEETING OF MARCH 7, 2024

 

COMMITTEE ON FINANCE

 

Mr. Brian A. Perkovich, Executive Director

 

Title

Authority to Transfer $42,742,295.00 of excess revenues to the Metropolitan Water Reclamation District Retirement Fund pursuant to the provisions of 70 ILCS 2605/5.9

Body

 

Dear Sir:

 

A legislative change effective January 1, 2022, allows the District to identify surplus revenues to contribute to the Retirement Fund to provide advance funding to maintain growth in the Retirement Fund's funded ratio. In the Corporate Fund, $30,000,000.00 surplus resulting from positive results in 2023, $11,267,295.00 from the 2022 Property Tax Levy Adjustment received under Public Act 102-0519, and $1,475,000.00 from a sale of property approved by the Board in 2023 provide for a $42,742,295.00 total transfer of budgetary reserves to the District's Retirement Fund. This transfer was detailed in the 2024 Budget, and funds are currently included in the Corporate Fund balance.

 

It is requested that, pursuant to the provisions of 70 ILCS 2605/5.9, the Acting Treasurer be authorized to transfer $42,742,295.00 from the Corporate Fund to the Metropolitan Water Reclamation District Retirement Fund to provide additional 2024 funding for the pension program.

 

Requested, Wendy N. Sin, Acting Treasurer, WNS:lb

Respectfully Submitted, Marcelino Garcia, Chairman Committee on Finance

Disposition of this agenda item will be documented in the official Regular Board Meeting Minutes of the Board of Commissioners for March 7, 2024