On April 27, 2020, following a public hearing and presentation, the Village Board approved the Village's 2020-2022 Biennial Budget. The operating budget (all costs except capital and contingency) for the Village and the Library is $12.6 million in FY2021, representing a 3.9% increase from the previous (FY2020) budget. The budget includes an additional $2.8 million in capital improvements. Current and prior year copies of the Biennial Budget are available for public inspection at Village Hall, the Public Safety Building, the Lake Bluff Library, and by clicking on the links below. For additional information regarding the budget, please contact Finance Director Bettina O'Connell.

FY2021-2022 Biennial Budget

DRAFT FY2022 Biennial Budget Update (March 23, 2021)

Capital Improvement Plan. The Capital Improvement Plan is the Village's long term plan for infrastructure maintenance, repair, and replacement. It is reviewed and adopted annually as part of the Village budget.

DRAFT FY2022 Capital Improvement Plan (March 23, 2021)

Compensation. The Village publishes employee compensation information annually.

Public Act 97-0609 Total Compensation Package Disclosure (04/30/20)

Pension and Retirement Systems. Village employees participate in one of two retirement systems:

  • The Illinois Municipal Retirement Fund (IMRF) provides retirement, disability, and death benefits for most municipal employees in Illinois except law enforcement, firefighters, City of Chicago employees, and Cook County employees. As of 2019, IMRF held $44.8 billion in assets; on an actuarial basis, these investments are forecast to pay 90.7% of IMRF's anticipated expenses (the coverage ratio).
  • The Village's Police Pension Fund provides retirement, disability, and death benefits for the Village's sworn police officers. As of 2019, the Police Pension Fund held $10.35 million in assets; on an actuarial basis, these investments are forecast to pay 54.1% of the Fund's anticipated expenses (the coverage ratio).

Collective Bargaining Agreements. Some classes of Village employees are represented by a bargaining unit (union), and their pay is set by the agreement between the Village and the bargaining unit: