Out of the Fiscal Year 2024-2025 budget for the City of Monmouth, one million dollars each has been designated to the police and fire pension funds. Mayor Rod Davies informs Illinois legislature is considering moving new hires from a Tier 2 option, all to Tier 1 for pension funding, which would increase funding requirements going forward. Having to prepare for larger payments each year, Mayor Davies reports growing the tax base locally is so important:
“Reviewing the actuarial studies for future contributions, we do have to prepare for larger payments each year, which is why we find that it is so important to grow our tax base and continue to create jobs, add housing, do as much as we can to grow the economy and the tax base here in Monmouth to make Monmouth one of the more affordable communities to live in in the state. Our Equalized Assessed Valuation, which is what property taxes are based on has indeed grown. Our property tax rate has actually gone down since 2005. We have worked really hard to grow that tax base and to try and manage our property tax level.”
The recommended budget for Fiscal Year 2024-2025 for the City of Monmouth is $39 million and will begin May 1st.
