Burr Ridge leaders received good financial news at their Monday board meeting with the results of the town’s Fiscal Year 2023 audit, though police pension funding was down a bit due to investment market volatility not controlled by the town.Advertisement
“It was a very successful audit and we gave the village an unmodified opinion,” he said. This is the means the town’s financial controls keep within standard best practices.Beran said Burr Ridge brought in some $2.3 million extra in funds, putting the village in a secure financial position, coupled with the town’s internal auditing systems.“And the village remains debt free,” Mayor Gary Grasso said.
He also pointed out this was the first year the state controlled the local pension fund investments. A change in state law allows the state to pool all pension funds from towns across Illinois in hopes of creating more revenue for individual municipalities.“We’ve known that for a number of years and it was just a matter of time that we’d have to comply with it,” he said.