Kane County Reporter

The Hampshire village board recently reviewed its Municipal Compliance report for FY 2022.

During a Nov. 3 village board meeting, the board discussed their Municipal Compliance for the 2022 fiscal year. Their return on investment was only .07%, which board members felt was very low. One trustee explained that back when the pension was created, they were unable to secure fiduciary insurance and per the advice of their financial advisor they made small, low-risk investments that did not have great returns.

"So if you're concerned about that, on the positive side, the pension board did vote to send $2.6 million to the consolidated fund that is in Springfield," Hampshire Finance Director Lori Lyons said at the meeting. 

Lyons shared that the village is putting money into a consolidated fund in the capital of the state and will still have $1.2 million after their contribution. They do not know when they will have a new financial advisor who will help the village make their own investments for the fund.

The village is in a bit of a makeup situation with pension funding as they will have to fill in where their interest revenues don’t meet their expected income rates, which they likely will not. A lot of their pension funding is still held in cash, but the $2.6 million will be invested by Springfield. The board had no other questions about their compliance in FY2022.