Record #: F2022-47   
Type: Communication Status: Placed on File
Intro date: 7/20/2022 Current Controlling Legislative Body:
Final action: 7/20/2022
Title: Certification of city funding requirement for Laborers' and Retirement Board Employees Annuity and Benefit Fund of Chicago for tax year 2023, payment year 2024
Sponsors: Dept./Agency
Topic: TAXES/TAX LEVIES - Miscellaneous
Attachments: 1. F2022-47.pdf
laborers' and rr.tirh.mi nt board f.mim.oy ees' Annuity and Benefit Fund of Chicago




June 28,2022

The Honorable Scott Waguespack Chairman, Committee on Finance City Hall Room 302 121 North LaSalle Street Chicago, Illinois 60602

Re: Funding Resolution



Dear Chairman Waguespack:

Enclosed herewith, for transmittal to the City Council of Chicago, is a copy of the Resolution adopted by the Retirement Board of the Laborers' and Retirement Board Employees' Annuity and Benefit Fund of Chicago ("Fund") certifying the City of Chicago's required contribution to the Fund for the tax levy year 2023 (payment year 2024).

Please feel free to contact me if you have any questions or need additional information.


Sincerely,

Tina Consola Executive Director

Enclosure

Ms. Jennie H. Bennett, Chief Financial Officer, City of Chicago Ms. Reshma Soni, Comptroller, City of Chicago Ms. Susie Park, Budget Director, City of Chicago Honorable Anna Valencia, City Clerk, City of Chicago








21 :\orlh Clark Street. Suite 1300. Chicago. 11, 60654-4739
LABORERS' AND RETIREMENT BOARD EMPLOYEES' ANNUITY AND BENEFIT FUND OF CHICAGO


FUNDING RESOLUTION FOR THE YEAR 2023

WHEREAS, in accordance with the Illinois Pension Code, and specifically 40 ILCS 5/11-169(b), as amended, the Retirement Board (the "Board") of the Laborers' and Retirement Board Employees' Annuity and Benefit Fund of Chicago (the "Fund") is required to certify the amount of City of Chicago (the "City) contributions required under Article 11 for which the City shall levy a property tax in the following year; and

WHEREAS, 65 ILCS 5/8-2-3, as amended, provides that the City's budget shall include appropriations for "the taxes levied for the purposes of the reserves provided for in the Illinois Pension Code" and that the budget shall include "an amount estimated to be sufficient to cover the loss and cost of collecting taxes to be levied for that fiscal year"; and
WHEREAS, 65 ILCS 5/8-3-1, as amended, pr...

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