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Fire Pension Board

Regular Meeting

Palatine, IL · February 9, 2026

AgendaPacketMinutes

Minutes

FIRE PENSION BOARD FEBRUARY 9, 2026 AT 4:00 PM VILLAGE HALL - COMMUNITY ROOM A 200 E WOOD STREET PALATINE, IL 60067-5339 (847) 359-9050 www.palatine.il.us MINUTES REGULAR MEETING 4:00 PM I. CALL TO ORDER Called to order at 16:12 Sullivan and Magnuson Absent II. ROLL CALL All present. III. PUBLIC COMMENT IV. APPROVAL OF MINUTES A. Approval of Nov. 10, 2025 Minutes V. FINANCIAL REPORTS A. VOP Quarterly Financial Report Andrew Brown presented the VOP Quarterly Financial Report. Mr. Brown spoke to a continued delay in receiving the second installment of property tax levy due to Cook County. B. IFIPIF Financial Report Matt DuLaney presented the IFPIF Report. VI. ORDERS OF PAYMENTS A. Reimer, Dobrovolny, & Labardi Withdrawn. VII. ADMINISTRATION A. Authorized Agents Board discussed changing the IFPIF Authorized Agent from Jeff Sullivan with him leaving the Board. Matt DuLaney chosen to be the new Authorized Agent. VILLAGE OF PALATINE Page 1 of 2 Minutes February 9, 2026 B. New Member Applications None. Withdrawn. C. Retirement Applications None. Withdrawn. D. Election Results An email was sent to active Fund participants seeking interest for a position on the Board. Mitch Zable was the only participant to respond with interest and is therefore is the new Board member by acclimation. His term will be from May 11, 2026 - May 11, 2029. E. Retiree Final Wage Adjustments Final retirement wages need to be amended for retirees Aichholzer, Corso, and Thomas Kurka. This is due to wages for 2025 still under negotiation at the time of their retirement. Final ending wage: Aichholzer: Monthly additional $344.52 Corso: Monthly additional $251.37 T. Kurka: Monthly additional $242.67 VIII. OLD BUSINESS Members discussed continuing education requirements. IX. NEW BUSINESS X. ADJOURNMENT Meeting adjourned at 16:52. Kleeburg motioned, Brandt seconded. All in favor, meeting adjourned. VILLAGE OF PALATINE Page 2 of 2

Agenda

FIRE PENSION BOARD FEBRUARY 9, 2026 AT 4:00 PM VILLAGE HALL - COMMUNITY ROOM A 200 E WOOD STREET PALATINE, IL 60067-5339 (847) 359-9050 www.palatine.il.us AGENDA REGULAR MEETING 4:00 PM I. CALL TO ORDER II. ROLL CALL III. PUBLIC COMMENT IV. APPROVAL OF MINUTES A. Approval of Nov. 10, 2025 Minutes V. FINANCIAL REPORTS A. VOP Quarterly Financial Report B. IFIPIF Financial Report VI. ORDERS OF PAYMENTS A. Reimer, Dobrovolny, & Labardi VII. ADMINISTRATION A. Authorized Agents B. New Member Applications C. Retirement Applications D. Election Results VIII. OLD BUSINESS IX. NEW BUSINESS X. ADJOURNMENT VILLAGE OF PALATINE Page 1 of 1

Packet

FIREFIGHTERS' PENSION FUND FINANCIAL REPORT AS OF THE QUARTER ENDED December 31, 2025 Prepared By: VILLAGE OF PALATINE DEPARTMENT OF FINANCE & OPERATIONS VILLAGE OF PALATINE Fire Pension Fund Statement of Net Assets December 31, 2025 January 1 December 31 Assets Cash and Cash Equivalents Cash Fire Pension Board JP Morgan Chase $ 751 $ 756 Illinois Funds 2,726,714 479,516 Sub-Total 2,727,465 480,272 Investments Consolidated Investment Fund IFPIF 112,073,957 131,745,846 Sub-Total Cash and Investments 114,801,422 132,226,118 Receivables Other - - Total Assets 114,801,422 132,226,118 Liabilities Other Liabilities - 1,470,625 Net Assets Held in Trust for Pension Benefits $ 114,801,422 $ 130,755,493 1 VILLAGE OF PALATINE Fire Pension Fund Statement of Changes in Net Assets December 31, 2025 Annual Budget YTD Actual Revenues Employer Contributions Required Contributions - Tax Levy $ 6,450,000 $ 3,294,802 Additional Contributions 500,000 500,000 Employee Contributions Salary Deductions 1,098,000 1,087,255 Portability Payments - - Investment Income Interest Income 750,000 2,457,497 Realized Gain/(Loss) 250,000 6,563,913 Unrealized Gain/(Loss) - 10,990,005 Miscellaneous - - Total Revenues 9,048,000 24,893,472 Expenditures Pensions and Benefits Pension Benefits Service Pension 8,345,000 7,607,285 Duty Disability 560,000 483,057 Non-Duty Disability 85,000 83,539 Surviving Spouse 295,000 513,454 Refund of Contributions 200,000 - Total Pensions and Benefits 9,485,000 8,687,335 Other - Supplies 250 - Services Financial 120,000 243,443 Services Banking 1,500 2,236 Services Legal 5,000 4,096 Services Medical 1,000 550 Services Other 2,500 - Memberships & Publications 1,000 - Training & Travel 2,000 1,741 Total Expenditures 9,618,250 8,939,401 Change in Fund Balance $ (570,250) $ 15,954,071 2 VILLAGE OF PALATINE Fire Pension Fund Schedule of Funding Progress - Last 20 Years December 31, 2025 $200,000,000 110% 100% $160,000,000 90% 80% $120,000,000 70% 60% 50% $80,000,000 40% 30% $40,000,000 20% 10% $- 0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Plan Net Position TPL Plan Net Position as % of TPL (3) Actuarial (1) (2) Plan Fiduciary (4) NPL as a % Valuation Plan Total Net Position Net Pension (5) of Covered Date Fiduciary Pension as a % of TPL Liability (NPL) Covered Payroll December 31, Net Position Liability (TPL) (1) / (2) (2) - (1) Payroll (4) / (5) 2004 36,885,462 40,807,524 90.39% 3,922,062 6,501,891 60.32% 2005 40,150,008 43,894,062 91.47% 3,744,054 6,826,186 54.85% 2006 43,611,423 47,818,154 91.20% 4,206,731 7,161,378 58.74% 2007 47,172,964 50,944,617 92.60% 3,771,653 7,451,465 50.62% 2008 46,673,485 58,973,596 79.14% 12,300,111 7,608,620 161.66% 2009 49,048,412 63,977,038 76.67% 14,928,626 7,280,109 205.06% 2010 52,681,598 73,881,189 71.31% 21,199,591 9,202,501 230.37% 2011 48,069,713 75,335,332 63.81% 27,265,619 7,723,119 353.04% 2012 50,143,446 84,352,931 59.44% 34,209,485 8,000,569 427.59% 2013 57,290,015 89,230,996 64.20% 31,940,981 8,408,325 379.87% 2014 59,051,863 96,614,199 61.12% 37,562,336 8,744,586 429.55% 2015 58,802,718 109,025,391 53.93% 50,222,673 8,905,763 563.93% 2016 63,062,078 115,663,159 54.52% 52,601,081 9,137,439 575.67% 2017 72,812,914 121,500,711 59.93% 48,687,797 9,245,367 526.62% 2018 68,903,775 128,108,112 53.79% 59,204,337 9,508,556 622.64% 2019 81,667,488 136,771,529 59.71% 55,104,041 9,808,838 561.78% 2020 93,775,786 144,009,203 65.12% 50,233,417 10,768,480 466.49% 2021 102,408,613 145,242,608 70.51% 42,833,995 11,215,725 381.91% 2022 89,393,511 157,777,454 56.66% 68,383,943 10,934,974 625.37% 2023 102,156,202 165,795,015 61.62% 63,638,813 11,190,113 568.71% 2024 114,801,422 178,137,696 64.45% 63,336,274 11,635,629 544.33% 3 VILLAGE OF PALATINE Fire Pension Fund Portfolio Value - Last 20 Years December 31, 2025 140,000,000 130,000,000 120,000,000 110,000,000 100,000,000 90,000,000 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 - Cash & Cash Equivalents Consolidated Investments Year Ended Cash & Cash Equivalents Consolidated Investments Total Portfolio 12/31/2005 1,281,266 34,305,780 35,587,046 12/31/2006 950,500 38,181,391 39,131,891 12/31/2007 1,084,467 41,335,186 42,419,653 12/31/2008 1,208,297 36,221,595 37,429,892 12/31/2009 855,846 38,963,759 39,819,605 12/31/2010 1,064,686 43,635,362 44,700,048 12/31/2011 1,529,217 44,159,328 45,688,545 12/31/2012 1,591,331 48,485,419 50,076,750 12/31/2013 708,099 56,442,904 57,151,003 12/31/2014 156,201 59,346,510 59,502,711 12/31/2015 384,420 58,274,833 58,659,253 12/31/2016 863,663 62,035,968 62,899,631 12/31/2017 1,022,055 71,490,953 72,513,008 12/31/2018 1,132,563 67,583,292 68,715,855 12/31/2019 1,334,830 79,912,846 81,247,676 12/31/2020 1,317,252 92,288,216 93,605,468 12/31/2021 1,263,371 100,976,297 102,239,668 12/31/2022 2,509,025 85,802,957 88,311,982 12/31/2023 2,236,892 99,919,310 102,156,202 12/31/2024 2,727,465 112,073,957 114,801,422 12/31/2025 480,272 131,745,846 132,226,118 4 VILLAGE OF PALATINE Fire Pension Fund Annual Fund Income - Last 20 Years December 31, 2025 22,000,000 20,000,000 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 - (2,000,000) (4,000,000) (6,000,000) (8,000,000) (10,000,000) (12,000,000) (14,000,000) (16,000,000) Investment Employee Employer Suggested Income/Loss Contributions Contributions Tax Levy Investment Employee Employer Suggested Year Income/Loss Contributions Contributions Tax Levy 2004 2,158,396 587,373 808,875 844,855 2005 1,679,159 650,290 916,008 912,713 2006 3,438,838 682,102 986,399 1,016,150 2007 3,261,471 729,860 1,062,061 1,163,542 2008 (5,186,890) 741,834 1,440,275 1,324,180 2009 3,865,035 718,437 1,247,358 1,281,786 2010 3,874,824 884,241 2,032,916 2,054,575 2011 573,182 769,785 2,582,770 2,378,480 2012 4,307,180 779,603 2,876,372 2,899,860 2013 7,261,690 793,686 2,939,936 2,978,500 2014 2,642,083 836,025 3,098,007 3,091,300 2015 (899,003) 857,036 3,620,989 3,238,070 2016 4,395,621 877,040 3,660,137 3,255,000 2017 9,246,677 886,245 4,629,680 3,912,000 2018 (4,176,668) 979,942 4,675,335 4,597,000 2019 12,378,951 940,243 5,205,407 4,729,000 2020 11,625,666 962,993 5,608,868 5,511,000 2021 8,673,649 999,524 5,563,796 5,485,000 2022 (15,193,463) 1,045,100 8,343,615 5,551,876 2023 13,518,335 1,017,712 5,987,516 5,470,821 2024 11,268,681 1,060,325 8,505,992 6,108,404 2025 (unaudited) 20,011,415 1,087,255 $ 3,794,802 6,425,701 5 VILLAGE OF PALATINE Fire Pension Fund Schedule of Cash Flows - Monthly December 31, 2025 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Cash Inflows Cash Outflows Cash Balance… Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Cash Inflows Ee Contributions 80,374 85,264 79,254 79,559 120,031 80,588 84,587 80,557 79,463 119,174 86,291 112,113 Er Req Contributions 302 974,920 2,090,126 147,828 14,436 34,385 - 24,178 182,080 738 - - Er Addt'l Contributions - - - - - - - - 500,000 - - - Interest 10,393 7,330 14,898 14,274 12,823 10,434 8,581 6,068 4,212 3,866 1,604 1,601 Other Inflows - - - - - - - - - - 655,741 640,691 Transfer From IFPIF - - - - - - - - - - - - Total Inflows 91,070 1,067,514 2,184,278 241,661 147,290 125,407 93,168 110,803 765,756 123,778 743,636 754,405 Cash Outflows Benefits & Refunds 707,551 710,152 716,251 717,154 717,154 717,154 717,154 721,296 732,451 739,103 740,316 752,149 Administration 240 2,140 162 129 1,172 214 227 249 1,008 159 163 2,210 Transfer to IFPIF - - - - - - - - - - - - Total Outflows 707,791 712,292 716,413 717,284 718,326 717,369 717,381 721,545 733,459 739,262 740,479 754,358 Monthly Cash Flow (616,721) 355,222 1,467,864 (475,623) (571,036) (591,962) (624,213) (610,742) 32,297 (615,484) 3,157 47 Cash Balance ($2.1M = 3 Mos.) 2,110,744 2,465,966 3,933,830 3,458,208 2,887,172 2,295,210 1,670,996 1,060,255 1,092,551 477,067 480,224 480,271 6 VILLAGE OF PALATINE Fire Pension Fund Schedule of Cash Flows - Annual December 31, 2025 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 - (2,000,000) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YE Cash Balance Regular Inflows Regular Outflows Cash Inflows Cash Outflows Regular Additional Investment Regular Investment of YE Cash Inflows Contributions Sales Total Outflows Funds Total Net Balance 2008 2,181,355 - - 2,181,355 2,073,966 - 2,073,966 107,389 1,198,844 2009 1,995,387 - - 1,995,387 2,361,087 - 2,361,087 (365,700) 833,144 2010 2,682,787 - 325,000 3,007,787 2,776,245 - 2,776,245 231,542 1,064,686 2011 3,335,816 262,500 - 3,598,316 3,133,785 - 3,133,785 464,531 1,529,217 2012 3,706,209 - - 3,706,209 3,644,095 - 3,644,095 62,114 1,591,331 2013 3,749,121 - - 3,749,121 3,882,353 750,000 4,632,353 (883,232) 708,099 2014 3,938,824 - - 3,938,824 4,240,722 250,000 4,490,722 (551,898) 156,201 2015 4,065,222 414,763 150,000 4,629,985 4,401,766 - 4,401,766 228,219 384,420 2016 4,161,423 414,324 600,000 5,175,747 4,696,504 - 4,696,504 479,243 863,663 2017 4,755,946 764,210 - 5,520,156 5,011,764 350,000 5,361,764 158,392 1,022,055 2018 5,562,732 135,528 - 5,698,260 5,387,752 200,000 5,587,752 110,508 1,132,563 2019 5,585,522 377,911 - 5,963,433 5,761,167 - 5,761,167 202,266 1,334,829 2020 5,870,552 951,100 - 6,821,652 6,089,229 750,000 6,839,229 (17,577) 1,317,252 2021 6,369,663 198,550 - 6,568,213 6,622,094 - 6,622,094 (53,881) 1,263,371 2022 5,579,914 2,704,433 - 8,284,347 7,038,693 - 7,038,693 1,245,654 2,509,025 2023 7,677,881 582,759 500,000 8,760,640 7,732,773 1,300,000 9,032,773 (272,133) 2,236,892 2024 7,252,523 2,494,937 - 9,747,460 8,056,886 1,200,000 9,256,886 490,574 2,727,466 2025 5,948,765 500,000 - 6,448,765 8,695,959 - 8,695,959 (2,247,194) 480,272 7 VILLAGE OF PALATINE Fire Pension Fund Schedule of Estimated Monthly Cash Flows - 2026 December 31, 2025 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Cash Inflows Cash Outflows Cash Balance… Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Cash Inflows Ee Contributions 88,308 88,308 88,308 88,308 132,462 88,308 88,308 88,308 88,308 88,308 132,462 88,308 Er Contributions 2,000,000 1,497,080 2,658,875 900,000 - - 1,329,440 1,661,787 - - - - Interest 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 Additional Contribs 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 20,833 IFPIF - Sales - - - - - - - - - - - - Total Inflows 640,641 1,607,721 2,769,516 1,010,641 154,795 110,641 1,440,081 1,772,428 110,641 110,641 154,795 110,641 Cash Outflows Benefits & Refunds 870,584 870,584 870,584 870,584 870,584 870,584 870,584 870,584 870,584 870,584 870,584 870,580 Administration 1,104 1,104 1,104 1,104 1,104 1,104 1,104 1,104 1,104 1,104 1,104 1,106 IFPIF - Purchases - - - - - - - - - - - - Total Outflows 871,688 871,688 871,688 871,688 871,688 871,688 871,688 871,688 871,688 871,688 871,688 871,686 Monthly Cash Flow (231,047) 736,033 1,897,828 138,953 (716,893) (761,047) 568,393 900,740 (761,047) (761,047) (716,893) (761,045) Cash Balance ($2.1M = 3 Mos.) 249,225 985,259 2,883,087 3,022,040 2,305,148 1,544,101 2,112,494 3,013,235 2,252,188 1,491,141 774,249 13,204 8