At the March 1 forum at the Carleton Hotel, village board presidential candidate Anan Abu-Taleb dropped info about Oak Park’s finances that deserved a response from candidate John Hedges. But the response was weak.
The village is $100 million in debt, said Abu-Taleb, and has a meager 58% funded of its $126 million in pension obligations, including fire and police pensions, whose shortfall last year rose from $105 million to $106 million.
Pension funds had negative balances in seven of the last 11 years, for what he called a structural deficit. Village staff tells him the village is planning on its funds earning an unrealistic 8% annually, he said.
Hedges, who has been a village trustee since 2007, implicitly conceded the accuracy of the figures, which are backed up aggressively by a Better Government Assn. report, but surprisingly dismissed them. “The big issue is the property tax,” he said…