Police pension nears 90 percent funding, well ahead of Illinois average



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Village of Oswego logo
Annual audit confirms Village
in good financial condition

Police pension hits nearly 90 percent funded, ahead of Illinois average

An audit of the previous fiscal year recently presented to the Board of Trustees shows the Village?s good financial condition getting that much stronger, with improved fund balance based on expenditure reductions and higher than anticipated revenues.

The Village annually conducts an audit of all the previous fiscal year?s financial transactions, the results of which were presented to the Board at the Oct. 19 meeting.

?We have made it a priority to continue to look for ways to reduce costs to ensure we are using our community?s resources in the best way possible,? Village President Troy Parlier said.

The Village ended the fiscal year with an additional $2.9 million in the General Fund balance, the equivalent of setting aside additional savings to support the Village?s day-to-day operations.

A highlight of the audit showed the Village?s police pension reached nearly 90 percent funded, in part due to strong investment returns and the Village Board?s commitment to funding beyond the required contribution whenever possible. This compares public safety pension funds across Illinois, which average approximately 55 percent funded.

?The Village has been aggressive in ensuring the Village?s police pension is funded so that we are prepared to meet those obligations in the future,? Parlier said. ?This commitment not only helps Oswego residents, but also shows our commitment to our police officers who serve our community each day.?

The Village?s financial standing remained strong despite the impacts of COVID-19 and the Village?s commitment to keeping major initiatives moving forward. Key achievements in fiscal year 2021 include completing Phase I environmental engineering for Wolfs Crossing Road improvements, and Phase II design engineering for Harvey Road intersection improvements, construction of Venue 1012, continuing the Village?s water meter replacement program set for completion well ahead of the original 5-year schedule, opening of a new public parking deck as part of the Reserve at Hudson mixed-use development, as well as continuing to see more commercial and residential growth within the Village.

The Village was also recognized with the Certificate of Achievement for Excellence in Financial Reporting, a high distinction reflecting strong financial controls, for the previously conducted audit.?

Read the full Fiscal Year 2021 audit here [ [link removed] ], or the reader-friendly Popular Annual Financial Report [ [link removed] ].

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