IMRF Obligations discussed by Peoria County
What will be the impact of various forces on Peoria County? How will the county handle them? These are some questions that will surely be on the mind of Peoria County Board members and officials as they look to release the 2020 budget in mid-November.
The most important point will be the decision of the Illinois Municipal Retirement Fund (IMRF) Board to lower the internal rate of return from 7.5 percent to 7.25 percent. The decision to cut the figure will have a significant impact on the County’s Budget.
Chairman Andrew A. Rand has also stated that the IMRF obligations will have a major impact as “this change by IMRF equates to an additional $1.2 million in 2020.” Peoria County Administrator Scott Sorrel adds, “We are currently fully funded in our IMRF obligations. The County Board’s financial policies require us to fully fund our pensions.”
Chairman Rand has already met with Administrator Sorrel, Budget Committee Chairman Jim Fennel, and other elected and appointed officials to discuss how to move forward by creating a consensus. In December, the full County Board and committees will be presented with the budget. Peoria County is also looking into the health aspects as well as they try to modernize the Peoria City/County Health Department’s facility soon.
To achieve this feat, they need to allocate the funds which will be under consideration in 2020 and years to come. Chairman Rand states that he is “willing to take the tough conversations wherever they need to go, as I have been unbending in these matters since being elected.”
