Round Lake Park police pension fund initiative approved

Round Lake Park voters Tuesday approved a ballot initiative that sought permission to borrow $5.4 million to boost the police pension fund.

With all 6 precincts reporting, unofficial results show the measure was approved by 775 votes to 512. A 2013 pension funding request put to voters failed.

Under the Round Lake Park proposal, the village will borrow the $5.4 million to strengthen the police pension fund by issuing bonds to investors. Property owners were asked to pay about $100 more annually for an owner of a house valued at $125,200, officials said.

Taxpayers United of America's Chicago branch urged a "no" vote, contending what the village wanted to do would be similar to using one credit card to pay down debt on another.

Round Lake Park's police pension fund is at 23 percent to 24 percent, believed to be one of the lowest in Illinois. Proponents say the problem is a state tax cap limits how much the village can collect from property owners, thus thwarting any effort to boost the police pension fund.

Officials said while the village is meeting minimum contribution requirements, it is about half what should go into the police pension pool annually. The village has been falling about $240,000 short each year.