Kane County Past, Present & Future
The I MRF Fund is a special revenue fund. This presentation represents the County’s Regular and the County’s SLEP plan. I t does not include the plans covering the Forest Preserve or County Retirees.
As is shown on the following chart, property taxes account for nearly all of the I MRF Fund revenues. I nterest is earned on the cash balance maintained in the I MRF fund. A relatively small amount of revenue is also derived from periodic transfers and other miscellaneous reimbursements. Additionally, the County Board assigned $1.4 million from the General Fund to the I MRF Fund at the close of fiscal year 2012. This amount will be highlighted on the graph depicting the fund balance movements.
IMRF FUND REVENUE SOURCES FISCAL YEARS 2004-2012 Interest 1.49% Property Taxes 97.88% Transfers & Misc. 0.64%
Expenditures from Special Revenue Funds are limited to specific purposes. The expenditures from this fund are paid into the I MRF - the I llinois Municipal Retirement Fund and the SLEP – the Sheriff’s Law Enforcement Personnel. As the next chart will demonstrate, for the fiscal years from 2004-2012 the payments have been approximately equal, with slightly more being paid into the SLEP than the I MRF.
IMRF FUND EXPENDITURES FISCAL YEARS 2004 - 2012 IMRF Contributions SLEP Contributions 47% 53%
The following bar graph tracks the I MRF Fund revenues, expenditures and balances beginning with fiscal year 2004. The balance in the I MRF Fund to begin that year was $2,757,381. Revenues and expenditures for fiscal years 2004 through 2012 are actual results. Revenues and expenditures for the current fiscal year 2013 represent the budget, and are subject to changes in the normal course of closing the year’s financial reports and by the external auditor. Revenues and expenditures for the upcoming fiscal year 2014 represent the proposed budget to be considered by the County Board in November.
KANE COUNTY IMRF FUND REVENUES, EXPENDITURES AND FUND BALANCE $8 Resolution #13-87 assigned $1.4M from the General Fund to be applied to $7 the Net Pension Obligation $6 $5 MILLIONS $4 $2.76 $3 $2 $1 $0 Fiscal Years *2013 Represents Amended Budget **2014 Represents Proposed Budget Revenues Expenditures IMRF Fund Balance
Although the I MRF Fund itself has a balance, the County has a significant unfunded pension liability, or UAAL. The Unfunded Accrued Actuarial Liability is calculated using a number of factors. A = the Actuarial Value of the Plan’s Assets as of the valuation date. B= the Actuarial Accrued Liability based upon entry date. A-B = the Unfunded Accrued Actuarial Liability The following chart demonstrates that the County has gone from being fully funded in 2002 to having a UAAL of $46.456M at the end of fiscal 2012 when combining the I MRF and SLEP plans.
KANE COUNTY UNFUNDED ACCRUED ACTUARIAL LIABILITY $200 $150 UAAL in MILLIONS $100 $46.456 $50 $0 ($1.775) -$50
KANE COUNTY UNFUNDED ACCRUED ACTUARIAL LIABILITY COMPARED TO NEIGHBORING COUNTIES $200 $150 UAAL in MILLIONS $100 $46.456 $50 $0 -$50 Kane Kendall DeKalb McHenry Lake Will DuPage
The previous charts dealt with the UAAL in terms of actuarial gross dollars. I n discussions regarding unfunded pension liabilities the UAAL is normally the topic. However, there is a second benchmark that is considered for the purpose of measuring funding progress in pension plans. That is the UAAL as a percentage of covered payroll. The following chart demonstrates that the County has gone from being fully funded in 2002 to having a UAAL as a Percentage of Covered Payroll of 78.86% at the end of fiscal 2012. Please note, this calculation combines the I MRF and the SLEP plans.
KANE COUNTY UAAL AS % OF COVERED PAYROLL 140% 120% 100% 78.86% 80% 60% 40% 20% 0% -3.92% -20%
KANE COUNTY UAAL AS % OF COVERED PAYROLL COMPARED TO NEIGHBORING COUNTIES 140% 120% 100% 80% 60% 40% 20% 0% -20% Kane Kendall DeKalb McHenry Lake Will DuPage
This presentation has been developed for information purposes only. The individual component data is readily available to the public from the Comprehensive Annual Financial Reports of the various counties as is published online, including that of Kane County. I t has been compiled into a single presentation to facilitate analysis, comparisons and contrasts...and hopefully provide another useful resource to the Finance & Budget Committee. While a good faith effort has been made to assure accuracy and completeness, there is no single data source for this information, and transcription errors are possible.
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