Peoria County board members and officials have been discussing the impact of various forces as they look to release the 2020 budget in mid-November.
In particular, the Illinois Municipal Retirement Fund (IMRF) Board’s decision to lower the internal rate of return from 7.5 percent to 7.25 percent will have a significant impact on the County’s budget.
Regarding IMRF obligations, Chairman Andrew A. Rand states that “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 been meeting with Administrator Sorrel, Budget Committee Chairman Jim Fennel, and elected and appointed officials to build consensus around a path forward. The budget will go before committees and the full County Board in December.
In addition to working through IMRF concerns, Peoria County is looking to modernize the Peoria City/County Health Department’s facility in the near future. The need to allocate funds to this large project will also be a discussion point 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.”