40 ILCS 5/10-107

(40 ILCS 5/10-107) (from Ch. 108 1/2, par. 10-107)

Sec. 10-107. Financing; tax levy.

(a) The forest preserve district may levy an annual tax on the value, as equalized or assessed by the Department of Revenue, of all taxable property in the district for the purpose of providing revenue for the fund. The rate of such tax in any year may not exceed the rate herein specified for that year or the rate which will produce, when extended, the sum herein stated for that year, whichever is higher: for any year prior to 1970, .00103% or $195,000; for the year 1970, .00111% or $210,000; for the year 1971, .00116% or $220,000. For the year 1972 and each year thereafter through levy year 2022, the Forest Preserve District shall levy a tax annually at a rate on the dollar of the value, as equalized or assessed by the Department of Revenue upon all taxable property in the county, when extended, not to exceed an amount equal to the total amount of contributions by the employees to the fund made in the calendar year 2 years prior to the year for which the annual applicable tax is levied, multiplied by 1.25 for the year 1972; and by 1.30 for the year 1973 and for each year thereafter through levy year 2022. Beginning in levy year 2023, and in each levy year thereafter, the Forest Preserve District shall levy a tax annually at a rate on the dollar of the value, as equalized or assessed by the Department of Revenue, of all taxable property within the county that will produce, when extended, an amount equal to no less than the amount of the Forest Preserve District's total required contribution to the Fund for the next payment year, as determined under subsection (b). For the purposes of this Section, the payment year is the year immediately following the levy year.

The tax shall be levied and collected in like manner with the general taxes of the district and shall be in addition to the maximum of all other tax rates which the district may levy upon the aggregate valuation of all taxable property and shall be exclusive of and in addition to the maximum amount and rate of taxes the district may levy for general purposes or under and by virtue of any laws which limit the amount of tax which the district may levy for general purposes. The county clerk of the county in which the forest preserve district is located in reducing tax levies under the provisions of "An Act concerning the levy and extension of taxes", approved May 9, 1901, as amended, shall not consider any such tax as a part of the general tax levy for forest preserve purposes, and shall not include the same in the limitation of 1% of the assessed valuation upon which taxes are required to be extended, and shall not reduce the same under the provisions of that Act. The proceeds of the tax herein authorized shall be kept as a separate fund.

The forest preserve district may use other lawfully available funds in lieu of all or part of the levy.

The Board may establish a manpower program reserve, or a special forest preserve district contribution rate, with respect to employees whose wages are funded as program participants under the Comprehensive Employment and Training Act of 1973 in the manner provided in subsection (d) or (e), respectively, of Section 9-169.

(b)(1) For payment years 2024 through 2054, the Forest Preserve District's required annual contribution to the fund shall be the minimum required employer contribution set forth in paragraph (3) of this subsection (b).

(2) The Board shall retain an actuary who is a member in good standing of the American Academy of Actuaries to produce an annual actuarial report of the Fund. The annual actuarial report shall include, but not be limited to: (i) a statement of the actuarial value of the Fund's assets as projected over 30 years' time and the actuarial value of the Fund's liabilities as projected over the same period of time; and (ii) the minimum required employer contribution for the second year immediately following the year ending on the valuation date upon which the annual actuarial report is based. The annual actuarial report shall be reviewed and formally adopted by the Board and may be included in other annual reports.

(3) The minimum required employer contribution for a specified year as set forth in the annual actuarial report required under paragraph (2) shall be the amount determined by the Fund's actuary to be equal to the sum of: (i) the projected normal cost for pensions for that fiscal year, plus (ii) a projected unfunded actuarial accrued liability amortization payment for pensions for the fiscal year, plus (iii) projected expenses for that fiscal year, plus (iv) interest to adjust for payment pattern during the fiscal year, minus (v) projected employee contributions for that fiscal year. The Forest Preserve District's required annual contribution to the Fund shall not be less than the sum of: (i) the projected normal cost for pensions for that fiscal year, plus (ii) a projected unfunded actuarial accrued liability amortization payment for pensions for the fiscal year, plus (iii) projected expenses for that fiscal year, plus (iv) interest to adjust for payment pattern during the fiscal year, minus (v) projected employee contributions for that fiscal year. The minimum required employer contribution shall be based on the entry age normal cost method, a 5-year smoothed actuarial value of assets, and a 30-year layered amortization of unfunded actuarial accrued liability with payments increasing at 2% per year. The unfunded actuarial accrued liability payment schedule shall be based on the schedule initially established in 2016 and ending in 2046.

The minimum required employer contribution shall be submitted annually by the Forest Preserve District on or before July 31 unless another time frame is agreed upon by the Forest Preserve District and the Fund. The methods provided in this Section may be amended as recommended by an independent actuary engaged by the Fund and in compliance with actuarial standards of practice and as adopted by an affirmative vote of a simple majority of the Board and the Forest Preserve District Board of Commissioners.

(4) For payment years after 2055, the Forest Preserve District's required annual contribution to the Fund shall be equal to the amount, if any, needed to bring the total actuarial assets of the Fund up to 100% of the total actuarial liabilities of the Fund by the end of the year.

(5) To the extent that the Forest Preserve District's contribution for any of the payment years referenced in this subsection (b) is made with property taxes, those property taxes shall be levied, collected, and paid to the Fund in a like manner with the general taxes of the Forest Preserve District.

(Source: P.A. 102-210, eff. 1-1-22; 102-1131, eff. 6-1-23.)