Three districts doing it right when it comes to pension liabilities and financial burdens

Schools and libraries get a bad rap when it comes to taxes. People complain about how much it costs to fund these organizations, but people also seek out good schools and libraries when searching for a new home. It’s a vicious circle for both taxpayers and administrators. Everyone wants to manage spending, but no one wants to live in a town with bad schools or a weak library.

If you live in Palos Hills, you’ll be glad to know that our elementary school districts and library district are financially fit by most standards. In fact, these three do not add to taxpayers’ financial burden due to their good fiscal management.

Palos Hills residents are served by two elementary school districts:  NPD 117 and Palos 118. Both are in fine financial shape according to the Cook County Treasurer’s Office information for 2012 and 2011. Likewise, the Green Hills Public Library District is well above average with its pension funding.

North Palos School District 117

Cook County Treasurer’s Office 2012
Pension Funded Ratio:  68.40%

Cook County Treasurer’s Office 2011
Pension Percent Funded:  66.61%

Palos Consolidated 118

Cook County Treasurer’s Office 2012
*I am unable to access this for Palos 118 as I am not in that school district.

Cook County Treasurer’s Office 2011
Pension Percent Funded 69.30%

Green Hills Public Library

Cook County Treasurer’s Office 2012 report
Pension Funded Ratio: 76.66%

Cook County Treasurer’s Office 2011
Pension Percent Funded:  86.71%

The Heritage Foundation report takes a different view of a taxing body’s financial health. This report looks more like a balance sheet with assets, bills and liabilities. The last column tells readers whether there is a surplus or a deficit. If there is a surplus, it is noted by putting the numbers in parenthesis. The names for the school and library districts vary slightly from the ones used by the Cook County Treasurer’s Office, but I used them as presented in the report.

The takeaway from the Heritage Foundation is that all three taxing bodies have unfunded pension and healthcare liabilities, but none of these organizations will add to the financial burden citizen’s face from unfunded pension and healthcare liabilities. In fact, all three have a surplus, which means they can pay their bills and contribute to their benefits funds.

School District 117 Palos Hills

Assets Available to Pay Bills = $37,648,563
Unfunded Pension Benefits = $2,711,363
Unfunded Retirees’ Health Care Benefits = $0
Other Liabilities = $664,028
Bills = $3,375,39
Financial Burden = ($34,273,172)

School District Cc 118 Palos Park

Assets Available to Pay Bills = $30,550,542
Unfunded Pension Benefits = $2,346,259
Unfunded Retirees’ Health Care Benefits = $722,333
Other Liabilities = $12,849,898
Bills = $15,918,490
Financial Burden = ($14,632,052)

Green Hills Library Dist (Palos Hills)

Assets Available to Pay Bills = $2,192,089
Unfunded Pension Benefits = $401,808
Unfunded Retirees’ Health Care Benefits = $5,609
Other Liabilities = $1,329,074
Bills = $1,736,491
Financial Burden = ($455,598)