Oak Park's Finance Committee will review the village's long-term strategy for funding police and fire pensions at a Thursday, Sept. 3, meeting that could shape future property tax levies.

The single substantive agenda item is a discussion of the village's pension funding approach and a Firefighters' Pension Plan analysis prepared by Stifel Public Finance, according to the meeting agenda. The agenda says the review will inform decisions on the property tax levy, the fiscal year 2027 budget and capital financing.

The stakes are significant. Police and fire pensions account for 6.7% of an Oak Park property owner's total tax bill, according to the village's January 2026 newsletter. Police spending alone makes up 31.2% of the $96 million General Fund, with fire at 21.9%. The police department's pension contribution rose by $637,159 in 2026, the Wednesday Journal reported in January.

Stifel has been advising the village on pension strategy for months. At a June 18 Finance Committee meeting, Stifel Public Finance Director Claude Lockhart Jr. presented an overview of pension obligation bonds and amortization payments, comparing Oak Park to peer communities. Managing Director Tom Reedy reviewed pay-as-you-go funding and the impact of 2026 property reassessments on the village's revenue capacity.

CFO Kevin Bueso and representatives of Stifel and Speer Financial returned to the Village Board on July 21 with a multi-year capital-financing framework. Trustees discussed pension-funding assumptions as part of that presentation. The board also authorized up to $18 million in general obligation bonds for streetscape and infrastructure improvements at the same meeting.

The FY2027 Budget Kickoff and Preliminary Fiscal Outlook presentation was tabled at the July 21 meeting and has not been rescheduled to a confirmed date.

The Finance Committee's most recent meeting, on Aug. 20, focused on a separate package of five financial governance policies covering investment, fund balance, debt management, purchasing and improper payments.

Thursday's meeting begins at 6:30 p.m. in Council Chambers at Village Hall, 123 Madison St. Residents can speak during public comment in person or submit virtual comments by contacting the Village Clerk's Office before 5 p.m. Thursday at 708-358-5670 or [email protected].