East Central Reporter

City of Olney Police Pension Board met March 11.

Here are the minutes provided by the board:

AGENDA #1 CALL TO ORDER: President Tim Dunahee called to order the City of Olney Police Pension Board meeting for March 11, 2025, at 8:31 a.m.

AGENDA #2 ROLL CALL: The following were present: Charles “Chuck” Sanders, Kevin Ochs, and Tim Dunahee. Sergeant Holly Hamilton was absent. City Treasurer Jane Guinn and City Clerk Kelsie Sterchi were also present.

AGENDA #3 RECOGNIZE BOARD RESIGNATION OF OFFICER TIMOTHY STURM: Officer Sturm had resigned out of the Police Department and subsequently, this Board. The active officers would need to hold an election to fill this vacancy.

AGENDA #4 APPROVE MINUTES FROM POLICE PENSION BOARD MEETING ON NOVEMBER 13, 2024: Mr. Ochs moved to approve the minutes from November 13, 2024, seconded by Mr. Sanders. A majority affirmative voice vote was received.

AGENDA #5 TREASURER’S REPORT:

5-A “Discussion: Income and Expense May 1, 2024 – February 28, 2025” Mrs. Guinn reported that income and expenses were tracking to budget. The local cash balances also totaled $182,648.52, and the IPOPIF investment pool held $8,126,419.55.

5-B “Discussion: Investment Results Summary – January 31, 2025” Mrs. Guinn had received an updated statement from IPOPIF, so she reported numbers as of February 28, 2025. Since January, the investment pool had seen a rate of return at 2.43%.

Mr. Dunahee asked if private individuals could invest in the IPOPIF. Mrs. Guinn replied that was not allowed.

Mr. Sanders moved to approve the Treasurer’s Report, seconded by Mr. Ochs. A majority affirmative voice vote was received.

Mr. Sanders pointed out that the high rate of return that Mr. Dunahee had been noticing was due to investments in stocks and bonds, not from CDs. Mr. Ochs agreed and advised Mr. Dunahee that he could personally invest into higher risk options in order to access a higher rate of return.

AGENDA #6 DISCUSSION: COMPLIANCE AUDIT PROCEDURE BY LAUTERBACH & AMEN LLC.: Mrs. Guinn reminded the Board that the Police Pension Fund was audited every few years and that had always been handled by IDOI. Since the consolidation of the downstate pensions, the IPOPIF had turned over auditing to Lauterbach & Amen LLC. The City’s Fund was in the process of being audited.

Mr. Ochs asked if the audits were State mandated. Mrs. Guinn confirmed.

AGENDA #7 DISCUSSION/APPROVAL: 2025-2026 PROPOSED POLICE PENSION BUDGET: Mrs. Guinn had prepared a draft Police Pension budget for FY 2025-2026 that she hoped to present to the Council in April.

She anticipated a total revenue of $878,741.00 which would include $100,000.00 from realized gain/loss on investments, $4,500.00 from interest, $104,928.00 from employee contributions, $17,790.00 from corporate replacement tax, and $651,523.00 from the tax levy.

Mrs. Guinn budgeted expenses to total $759,650.00 which would include $735,255.00 for pension payments, $2,200.00 for the audit, $13,195.00 for fiduciary liability insurance, and $9,000.00 for investment pool fees.

As drafted, the proposed budget would come in $119,091.00 over expenditures.

Mr. Sanders moved to approve the 2025-2026 proposed Police Pension budget, seconded by Mr. Dunahee. A majority affirmative voice vote was received.

AGENDA #8 DISCUSSION: TRAINING HOURS DUE APRIL 30, 2025: Mrs. Guinn reminded Board members that their annual training hours would need to be completed by April 30, 2025, so that she could include those in her annual report. New members would require 16 hours of training this year, otherwise the standard would be 8 hours of training per year.

AGENDA #9 AUTHORIZE REFUND OF PENSION CONTRIBUTIONS TO TIMOTHY STURM Mrs. Guinn was in receipt of a letter of request for reimbursement of pension contributions for Timothy Sturm in the amount of $35,674.63.

Mr. Dunahee moved to authorize the refund of pension contributions in the amount of $35,674.63 to Timothy Sturm, seconded by Mr. Sanders. A majority affirmative voice vote was received.

AGENDA #10 PUBLIC COMMENTS/PRESENTATIONS: No one from the public was present.

AGENDA #11 SCHEDULING OF NEXT MEETING: The next meeting of the Police Pension Board would be held at 8:30 a.m. on June 26, 2025.

AGENDA #12 ADJOURN: Mr. Ochs moved to adjourn, seconded by Mr. Sanders. A majority affirmative voice vote was received. The meeting of the Police Pension Board adjourned at 8:52 a.m.

https://cms2.revize.com/revize/olneynew/pp%20March%2011%202025.pdf