Finance Commission

Agenda Village of Glen Ellyn Finance Commission Meeting Friday, June 12, 2026 7:00 AM Glen Ellyn Civic Center, Room 301 Visitors are most welcome to attend all meetings of the Finance Commission and can find copies of the Agenda at the meeting or online at www.glenellyn.org prior to the meeting. Any individual with a disability requiring reasonable accommodation in order to participate in a meeting should contact The Village of Glen Ellyn ADA Coordinator, 630-469-5000, at least five (5) business days in advance of the next scheduled meeting. All matters on the Agenda may be discussed, amended, and acted upon. A. Call to Order B. Roll Call C. Public Comment D. Approval of Minutes 1) April 10, 2026 meeting E. Police Pension Actuarial Valuation 1) 2026 Police Pension Actuarial Report Presentation F. Financial Reports 1) Q1 2026 Financial Report G. Staff Report H. Chairperson's Report I. Trustee Liaison's Report J. Other Business K. Reminders 1) Next Meeting: Friday, July 10, 2026 L. Adjourn Civility Pledge - In the interest of civility, I pledge to promote civility by listening, being respectful of others, acknowledging that we are striving to support and improve our community, and understanding that we each may have different ideas for achieving that objective. Page 1 of 65 Village of Glen Ellyn Minutes Village of Glen Ellyn Finance Commission Regular Meeting April 10, 2026 7:00AM Glen Ellyn Civic Center Board or Finance Date: April 10, 2026 Commission: Meeting: Regular Called to 7:01 a.m. Order: Quorum: Yes Adjourned: 8:13 a.m. MEMBER ATTENDANCE: Chris Goodman Chair Present Lea Dan Vice-Chair Present Anne Arnold Commissioner Present Mike Graham Commissioner Present Leo Hoerdemann Commissioner Present Grant Lavery Commissioner Absent Kevin Moffitt Commissioner Absent Brian Niksa Commissioner Present Scott Waldbusser Commissioner Absent Also Present: Patrick Brankin Finance Director Michele Chaparro Assistant Finance Director Kelli Christiansen Village Trustee A. CALL TO ORDER The April 10, 2026 regular meeting of the Finance Commission was called to order by Chairperson Goodman at 7:01 AM at the Glen Ellyn Civic Center. B. PUBLIC COMMENT – None C. APPROVAL OF MINUTES FROM FEBRUARY 13, 2026 MEETING MOVE TO APPROVE THE MINUTES OF FINANCE COMMISSION FROM 2/13/2026 RESULT: Motion Unanimously Carried MOVER: Commissioner Niksa SECONDER: Vice-Chair Dan AYES: 5 ABSTAINS: Goodman Page 2 of 65  Finance 2 April 10, 2026 D. Financial Scorecard Update 1. Financial Scorecard Update – Finance Director Brankin presented an update on the Village’s financial scorecard project, which is intended to compare Glen Ellyn with peer communities using a variety of financial, demographic, and operational metrics. He noted that the analysis began with demographic data provided by the DCEO, with Glen Ellyn’s population just under 28,500. Property tax rates were also reviewed, with Glen Ellyn at approximately 0.482. Brankin explained that the scorecard evaluates several measures in multiple ways, including median home values, standardized comparisons among peer communities, debt levels, pension obligations, staffing, and service delivery models. With respect to bonded debt, Glen Ellyn ranked near the middle of the peer group. Pension comparisons focused on IMRF and Police Pensions, as Glen Ellyn does not operate a traditional fire department. In those categories, Glen Ellyn also ranked near the middle of the peer group and performed well overall. Regarding pension liability per capita, Glen Ellyn ranked toward the lower end of the comparison group, while its funded ratio ranked near the top. Brankin noted that the Village benefits from contributions associated with Village Links, which positively impact the funded status. He added that the Police Pension Fund remains in the middle of the pack, with the recently adopted rolling 15-year amortization policy helping improve long-term funding. Brankin then reviewed staffing comparisons. In 2019, Glen Ellyn operated with 128 full-time employees, excluding Village Links, the Library, and Parks. The 2025 budget reflects 153 full-time employees. He noted that this increase includes the Village Board’s approval of five additional sworn police officers, increasing staffing from 40 to 45 officers, as well as additions such as a full-time HR director, HR generalist, and right-sizing in other departments. By department, Public Works and Police remain the largest areas of full-time staffing. Administrative functions were more difficult to compare across communities, as some municipalities separate legal, HR, IT, or communications into different departments, while others outsource some of those services. For Glen Ellyn’s purposes, Administration includes the Manager’s Office, Communications, IT, Legal, and HR. Glen Ellyn ranked near the middle of the peer group in administrative staffing. Community Development figures may be somewhat overstated, as some of budgeted positions were unfilled, though Brankin noted similar circumstances may exist in other communities. When measured per 1,000 residents, Glen Ellyn increased from 4.6 employees in 2019 to 5.3 employees in 2025, placing the Village higher than many peer communities. Brankin noted that Glen Ellyn has historically described itself as operating lean, though these updated figures suggest that may need to be reevaluated. These comparisons exclude Village Links and other recreation employees, Library employees, and Fire employees in all communities. Page 3 of 65  Finance 3 April 10, 2026 Public Works staffing declined from 1.77 employees per 1,000 residents in 2019 to 1.5 in 2025. Police staffing trends showed that smaller communities often maintain more sworn officers per 1,000 residents than larger municipalities. Total personnel expense per 1,000 residents placed Glen Ellyn near the middle of the peer group, while expense per full-time employee ranked somewhat lower. Brankin noted that factors such as employee tenure make these cost comparisons more difficult to standardize. The scorecard also reviewed fire and EMS service models. Because Glen Ellyn operates a largely volunteer-based fire model rather than a traditional full-time structure, the Village’s total budgeted fire and EMS operating expenses were significantly lower than peer communities. On a per-capita basis, Glen Ellyn ranked lowest among the comparison group, just above Lisle which also does not operate a Fire department. Brankin estimated the Village saves approximately $4 million annually under its current volunteer fire model. Capital expenses were excluded from this analysis for all communities. Commission members asked how the scorecard would be used and whether it would eventually be shared with the public. Brankin responded that the current version is likely too detailed for public release and would need to be simplified into a more user-friendly format with clearly sourced data that can be updated regularly. Additional metrics may still be reviewed before the information is refined and presented to the Village Board. The Board would ultimately determine what information, and in what format, should be shared with the community. The Finance Commission expressed appreciation for the depth of the report and the extensive work completed to date. Brankin added that if the Commission would like to conduct deeper analysis on any specific topic, those items could be added to a future agenda. E. STAFF REPORT – Finance Director Brankin reported that he will be on leave for much of May, and the meeting date remains to be determined. The original meeting was scheduled for May 8, though it may be moved to an earlier date. He noted that the planned topic was fire service fees; however, he is uncertain whether the necessary fire capital plans will be available in time for a meaningful discussion. His recommendation was to wait until those plans are completed before addressing the fee structure, and as a result, the May meeting may be canceled. F. CHAIRPERSON’S REPORT – None G. TRUSTEE LIAISON’S REPORT – Trustee Christiansen provided several updates. noting that the Community Relations Commission hosted its second Community Conversation last evening and encouraged residents to watch for future CRC engagement events. She also shared that today is the final day to provide feedback on the draft Accessibility Plan, which is available on the Village website. Page 4 of 65  Finance 4 April 10, 2026 Christiansen mentioned the Environmental Commission will host its annual Recycling Extravaganza tomorrow at the College of DuPage from 9:00 a.m. to 1:00 p.m. She also noted that the Village’s unlimited curbside refuse collection week is upcoming, with certain limitations in place, and residents have been asked to have items placed out by Monday. She added that public feedback on the Zoning Code Update will remain open through April 15. Trustee Christiansen also welcomed the opening of the new business, Vintage Charm, which opened yesterday. Regarding the train station project, she reported that the Village is currently working through Phase II budget updates and ongoing budget negotiations with Metra. H. OTHER BUSINESS – None I. REMINDERS – None J. ADJOURNMENT– Commissioner Dan motioned to adjourn the meeting and Commissioner Hoerdemann seconded the motion. The meeting was adjourned at 8:13 a.m. Submitted by Elisa Pollina, Recording Secretary Reviewed by Patrick Brankin, Finance Director Page 5 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation As of January 1, 2026 Contributions Applicable to the Plan/ Fiscal Year Ending December 31, 2027 Page 6 of 65 April 27, 2026 Patrick Brankin, CPA Village of Glen Ellyn Police Pension Fund Re: Village of Glen Ellyn Police Pension Fund Actuarial Valuation Report Dear Mr. Brankin, This report details the annual actuarial valuation of the Village of Glen Ellyn Police Pension Fund as of January 1, 2026. The valuation was performed to measure the plan’s liability and funding levels and to determine the actuarially appropriate funding requirements for the plan year ending December 31, 2027. This report was prepared for use by the Village. Use of the results for other purposes may not be applicable and could produce significantly different results. DATA AND ASSUMPTIONS In preparing this report, we have relied on personnel and plan design supplied by the Village Glen Ellyn. Assets were determined based on financial reports supplied by the Village. In our opinion, the assumptions used in the valuation, as adopted by the Village, represent reasonable expectations of anticipated fund experience. Other sets of assumptions and methods could also be reasonable and could produce materially different results. While we cannot verify the accuracy of all this information, the supplied information was reviewed for consistency and reasonableness. As a result of this review, we have no reason to doubt the substantial accuracy of the information and believe that it has produced appropriate results. This information, along with any adjustments or modifications, is summarized in various sections of this report. DISCLOSURES AND LIMITATIONS Future actuarial measurements may differ significantly from the current measurements presented in this report due to factors such as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period); and changes in plan provisions or applicable law. Due to the limited scope of this report, we did not provide an analysis of these potential differences. The funding percentages and unfunded accrued liability as measured based on the actuarial value of assets will differ from similar measures based on the market value of assets. These measures, as provided, are appropriate for determining the adequacy of future contributions, but may not be appropriate for the purpose of settling a portion or all of its liabilities. In performing the analysis, we used third-party software to model (calculate) the underlying liabilities and costs. These results are reviewed in the aggregate and for individual sample lives. The output from the 184 Shuman Blvd, Suite 305 Naperville, IL 60563 · (630) 620-0200 · www.foster-foster.com Page 7 of 65 software is either used directly or input into internally developed models to generate the costs. All internally developed models are reviewed as part of the process. As a result of this review, we believe that the models have produced reasonable results. We do not believe there are any material inconsistencies among assumptions or unreasonable output produced due to the aggregation of assumptions. ACTUARIAL CERTIFICATION The valuation has been conducted in accordance with all applicable laws and regulations, as well as generally accepted actuarial principles and practices, including the applicable Actuarial Standards of Practice as issued by the Actuarial Standards Board; specifically No. 4 for Measuring Pension Obligations and Determining Pension Plan Costs or Contributions, No. 23 for Data Quality, No. 27 for Selection of Economic Assumptions for Measuring Pension Obligations, No. 35 for Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations, No. 44, Selection and Use of Asset Valuation Methods for Pension Valuations, and No. 51, Assessment and Disclosure of Risk Associated with Measuring Pension Obligations. In our opinion, the Minimum Required Contribution set forth in this report constitutes a reasonable actuarially determined contribution under Actuarial Standard of Practice No. 4. The undersigned are familiar with the immediate and long-term aspects of pension valuations and meet the Qualification Standards of the American Academy of Actuaries necessary to render the actuarial opinions contained herein. All of the sections of this report are considered an integral part of the actuarial opinions. To our knowledge, no associate of Foster & Foster, Inc. working on this report has any direct financial interest or indirect material interest in the Village of Glen Ellyn, nor does anyone at Foster & Foster, Inc. act as a member of the Board of Trustees of the Village of Glen Ellyn Police Pension Fund. Thus, there is no relationship existing that might affect our capacity to prepare and certify this actuarial report. Respectfully submitted, Foster & Foster, Inc. _________________________________ _________________________________ Jason L. Franken, FSA, EA, MAAA Heidi E. Andorfer, FSA, EA, MAAA Page 8 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation TABLE OF CONTENTS SUMMARY................................................................................................................................ 5 CHANGES SINCE PRIOR VALUATION ................................................................................................ 6 VALUATION RESULTS .................................................................................................................. 7 Principal Valuation Results ...........................................................................................................7 Actuarial Present Value of Accrued Benefits................................................................................9 Contribution Requirements ........................................................................................................10 Reconciliation of Changes in Contribution Requirement ...........................................................11 Other Information ......................................................................................................................12 ACTUARIAL GAIN/LOSS ............................................................................................................. 13 UNFUNDED ACTUARIAL ACCRUED LIABILITY .................................................................................... 14 Development of Unfunded Actuarial Accrued Liability ..............................................................14 HISTORY OF FUNDING PROGRESS ................................................................................................. 15 PROJECTION OF BENEFIT PAYMENTS ............................................................................................. 16 ASSET INFORMATION ................................................................................................................ 17 PARTICIPANT STATISTICS ............................................................................................................ 22 Statistical Data ............................................................................................................................22 Age and Service Distribution ......................................................................................................23 Participant Reconciliation...........................................................................................................24 ACTUARIAL ASSUMPTIONS AND METHODS ..................................................................................... 25 PLAN PROVISIONS .................................................................................................................... 29 SUPPLEMENTARY INFORMATION .................................................................................................. 32 Glossary ......................................................................................................................................32 Discussion of Risk .......................................................................................................................35 Statutory Minimum Required Contribution ...............................................................................39 4 Page 9 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation SUMMARY The regular annual actuarial valuation of the Village of Glen Ellyn Police Pension Fund, performed as of January 1, 2026, has been completed and the results are presented in this Report. The contribution amounts set forth herein are applicable to the plan/fiscal year ending December 31, 2027. The contribution requirements, compared with those set forth in the January 1, 2025 actuarial report are as follows: Valuation Date 1/1/2026 1/1/2025 Applicable to Fiscal Year Ending 12/31/2027 12/31/2026 FUNDED STATUS Total Actuarial Accrued Liability $ 70,939,261 $ 68,296,635 Actuarial Value of Assets 45,158,397 42,052,296 Unfunded Actuarial Accrued Liability $ 25,780,864 $ 26,244,339 Funded Ratio 63.7% 61.6% CONTRIBUTION REQUIREMENTS Normal Cost $ 1,288,438 $ 1,301,001 Administrative Expenses 52,187 66,212 Amortization Payment 2,253,650 2,181,670 Minimum Required Contribution $ 3,594,275 $ 3,548,883 Member Contributions (Est) (530,241) (526,883) City Required Contribution $ 3,064,034 $ 3,022,000 CONTRIBUTION REQUIREMENTS (AS A PERCENTAGE OF PAYROLL) Normal Cost 24.1% 24.5% Administrative Expenses 1.0% 1.2% Amortization Payment 42.1% 41.0% Minimum Required Contribution 67.2% 66.7% Member Contributions (Est) (9.9%) (9.9%) Village Required Contribution 57.3% 56.8% As you can see, the Total Recommended Contribution shows an increase from the January 1, 2025 actuarial valuation report. The increase is attributable to the natural increase in amortization payment due to the payroll growth assumption. Plan experience was favorable overall on the basis of the plan's actuarial assumptions. The primary source of actuarial gain was an investment return of 6.85% (Actuarial Asset Basis) which exceeded the 6.50% assumption. There were no significant sources of actuarial loss. 5 Page 10 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation CHANGES SINCE PRIOR VALUATION PLAN CHANGES There have been no plan changes since the prior valuation. ACTUARIAL ASSUMPTION/METHOD CHANGES There have been no assumption or method changes since the prior valuation. 6 Page 11 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation VALUATION RESULTS PRINCIPAL VALUATION RESULTS Valuation Date 1/1/2026 1/1/2025 PARTICIPANT DATA Actives 43 45 Service Retirees 30 29 Beneficiaries 6 6 Disability Retirees 3 3 Terminated Vested 15 11 Total 97 94 Total Annual Payroll $ 5,350,561 $ 5,316,683 Projected Annual Payroll 5,350,561 5,316,683 Annual Rate of Payments to: Service Retirees $ 2,604,820 $ 2,467,441 Beneficiaries 395,559 395,559 Disability Retirees 142,612 142,157 Terminated Vested 180,400 180,400 ASSETS Actuarial Value (AVA) $ 45,158,397 $ 42,052,296 Market Value (MVA) 49,098,057 41,484,269 LIABILITIES Present Value of Benefits Actives Retirement Benefits $ 32,354,058 $ 31,229,661 Disability Benefits 2,798,326 2,779,256 Death Benefits 377,314 370,607 Vested Benefits 1,982,811 2,063,141 Service Retirees 36,669,830 35,523,359 Beneficiaries 3,070,755 3,176,615 Disability Retirees 2,154,100 2,145,837 Terminated Vested 3,347,842 3,070,457 Total $ 82,755,036 $ 80,358,933 7 Page 12 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation Valuation Date 1/1/2026 1/1/2025 LIABILITIES (CONTINUED) Present Value of Future Salaries $ 58,119,645 $ 58,618,201 Present Value of Future Member Contributions $ 5,759,657 $ 5,809,064 Normal Cost Retirement $ 910,366 $ 914,991 Disability 154,644 155,200 Death 21,125 20,621 Vesting 123,666 130,785 Total Normal Cost $ 1,209,801 $ 1,221,597 Present Value of Future Normal Costs (EAN) $ 11,815,775 $ 12,062,298 Actuarial Accrued Liability (EAN AL) Actives Retirement $ 23,310,019 $ 21,998,595 Disability 1,111,742 1,077,271 Death 131,474 132,294 Vesting 1,143,499 1,172,207 Inactives 45,242,527 43,916,268 Total Actuarial Accrued Liability $ 70,939,261 $ 68,296,635 Unfunded Actuarial Accrued Liability (UAAL) $ 25,780,864 $ 26,244,339 Funded Ratio (AVA / AL) 63.7% 61.6% 8 Page 13 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation ACTUARIAL PRESENT VALUE OF ACCRUED BENEFITS Valuation Date 1/1/2026 1/1/2025 Vested Accrued Benefits Inactives $ 45,242,527 $ 43,916,268 Actives 9,467,400 7,655,673 Member Contributions 4,444,603 4,184,371 Total $ 59,154,530 $ 55,756,312 Non-vested Accrued Benefits 422,279 1,259,052 Total Present Value Accrued Benefits (PVAB) $ 59,576,809 $ 57,015,364 Funded Ratio (MVA / PVAB) 82.4% 72.8% Increase (Decrease) in Present Value of Accrued Benefits Attributable to: Plan Amendments $ 0 Assumption Changes 0 Plan Experience 1,963,903 Benefits Paid (3,010,612) Interest 3,608,154 Other 0 Total $ 2,561,445 9 Page 14 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation CONTRIBUTION REQUIREMENTS Valuation Date 1/1/2026 1/1/2025 Applicable to Fiscal Year Ending 12/31/2027 12/31/2026 CALCULATION OF CONTRIBUTION REQUIREMENT ¹ Normal Cost $ 1,288,438 $ 1,301,001 % of Total Annual Payroll 24.1% 24.5% Administrative Expenses 52,187 66,212 % of Total Annual Payroll 1.0% 1.2% UAAL Amortization Payment 2,253,650 2,181,670 % of Total Annual Payroll 42.1% 41.0% Total Recommended Contribution $ 3,594,275 $ 3,548,883 % of Total Annual Payroll 67.2% 66.7% Expected Member Contributions (530,241) (526,883) % of Total Annual Payroll (9.9%) (9.9%) Expected Village Contribution $ 3,064,034 $ 3,022,000 % of Total Annual Payroll 57.3% 56.8% PAST CONTRIBUTIONS FOR PLAN YEAR ENDING 12/31/2025 Total Recommended Contribution $ 3,276,026 Village Requirement 2,762,669 Actual Contributions Made: Members (excluding buyback) 513,357 Village 2,763,000 Total $ 3,276,357 ¹ Contributions developed as of 1/1/2026 displayed above have been adjusted to account for assumed interest. 10 Page 15 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation RECONCILIATION OF CHANGES IN CONTRIBUTION REQUIREMENT Valuation Date 1/1/2026 Contribution Determined, Prior Year $ 3,022,000 Summary of Contribution Impact by Component Change in Normal Cost (12,563) Change in Assumed Administrative Expense (14,025) Investment Return (Actuarial Asset Basis) (13,027) Salary Increases (3,104) Active Decrements (6,328) Inactive Mortality 12,624 Contributions (More) or Less than Recommended (30) Increase in Amortization Payment Due to Payroll Growth Assumption 75,513 Change in Expected Member Contributions (3,358) Other 6,332 Total Change in Contribution $ 42,034 Contribution Determined, Current Year $ 3,064,034 11 Page 16 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation OTHER INFORMATION ILLUSTRATION OF A MORTIZATION OF THE TOTAL UNFUNDED ACTUARIAL ACCRUED LIABILITY Projected Unfunded Actuarial Accrued Year Liability 2026 25,780,864 2027 25,202,970 2028 24,638,031 2031 23,018,063 2035 21,022,572 2038 19,640,323 2041 18,348,958 5-YEAR COMPARISON OF ACTUAL AND ASSUMED SALARY INCREASES Year Ended Actual Assumed 12/31/2025 5.17% 5.52% 12/31/2024 6.59% 5.83% 12/31/2023 14.21% 5.58% 12/31/2022 1.55% 5.66% 12/31/2021 7.56% 5.53% 5-YEAR COMPARISON OF INVESTMENT RETURNS ON MARKET VALUE AND ACTUARIAL VALUE OF ASSETS Market Actuarial Year Ended Value Value Assumed 12/31/2025 17.78% 6.85% 6.50% 12/31/2024 9.56% 4.25% 6.50% 12/31/2023 13.46% 3.06% 6.50% 12/31/2022 -12.25% 2.75% 6.50% 12/31/2021 11.00% 11.00% 6.50% 12 Page 17 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation ACTUARIAL (GAIN)/LOSS DEVELOPMENT OF ACTUARIAL (GAIN)/LOSS Actuarial Unfunded Actuarial Accrued Valuation of Actuarial Accrued Liability Assets Liability Actual, Beginning of Year $ 68,296,635 $ 42,052,296 $ 26,244,339 Total Normal Cost 1,221,597 1,221,597 Benefit Payments (3,010,612) (3,010,612) 0 Administrative Expenses (49,002) 49,002 Employer Contribution 2,763,000 (2,763,000) Member Contribution 0 513,357 (513,357) Interest 4,422,381 2,740,332 1,682,049 Expected, End of Year $ 70,930,001 $ 45,009,371 $ 25,920,630 Actual, End of Year (before changes) 70,939,261 45,158,397 25,780,864 Actuarial (Gain)/Loss $ 9,260 $ (149,026) $ (139,766) SUMMARY OF COMPONENTS OF (GAIN)/LOSS Investment Return (Actuarial Asset Basis) $ (149,026) Salary Increases (35,505) Active Decrements (72,385) Inactive Mortality 144,418 Other (27,268) Change due to Actuarial (Gain)/Loss $ (139,766) 13 Page 18 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation UNFUNDED ACTUARIAL ACCRUED LIABILITY DEVELOPMENT OF UNFUNDED ACTUARIAL ACCRUED LIABILITY Unfunded Actuarial Accrued Liability as of January 1, 2025 $ 26,244,339 Expected Unfunded Actuarial Accrued Liability as of December 31, 2025 $ 25,920,630 Change to UAAL due to Assumption/Method Change 0 Change to UAAL due to Actuarial (Gain)/Loss (139,766) Unfunded Accrued Liability as of January 1, 2026 $ 25,780,864 UAAL Subject to Amortization (100% AAL less Actuarial Assets) $ 25,780,864 AMORTIZATION PAYMENT Date Years Current Established Remaining Balance Payment UAAL 1/1/2026 15 25,780,864 2,116,103 14 Page 19 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation HISTORY OF FUNDING PROGRESS Funded Ratio (Actuarial Value of Assets / EAN Actuarial Accrued Liability) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 15 Page 20 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation PROJECTION OF BENEFIT PAYMENTS Payments for Payments for Total Year Current Actives Current Inactives Payments 2026 88,734 3,272,746 3,361,480 2027 172,174 3,137,500 3,309,674 2028 279,214 3,237,347 3,516,561 2029 428,215 3,265,720 3,693,935 2030 579,944 3,388,804 3,968,748 2031 733,808 3,398,789 4,132,597 2032 924,694 3,413,098 4,337,792 2033 1,129,717 3,412,456 4,542,173 2034 1,328,295 3,421,176 4,749,471 2035 1,518,145 3,411,187 4,929,332 2036 1,723,161 3,394,826 5,117,987 2037 1,912,393 3,371,988 5,284,381 2038 2,092,230 3,342,537 5,434,767 2039 2,260,899 3,306,348 5,567,247 2040 2,431,979 3,305,262 5,737,241 2041 2,599,684 3,256,902 5,856,586 2042 2,763,754 3,202,331 5,966,085 2043 2,938,356 3,141,714 6,080,070 2044 3,168,985 3,075,620 6,244,605 2045 3,392,544 3,004,721 6,397,265 2046 3,645,664 2,929,570 6,575,234 2047 3,913,217 2,851,224 6,764,441 2048 4,206,918 2,769,322 6,976,240 2049 4,578,137 2,683,904 7,262,041 2050 4,870,324 2,594,823 7,465,147 2051 5,170,510 2,501,812 7,672,322 2052 5,467,353 2,404,519 7,871,872 2053 5,719,835 2,302,638 8,022,473 2054 5,925,792 2,196,015 8,121,807 2055 6,093,509 2,084,753 8,178,262 2056 6,266,066 1,969,262 8,235,328 2057 6,458,784 1,850,433 8,309,217 2058 6,609,952 1,729,508 8,339,460 2059 6,720,905 1,608,052 8,328,957 2060 6,808,681 1,487,831 8,296,512 2061 6,876,820 1,370,585 8,247,405 2062 6,927,354 1,258,021 8,185,375 2063 6,957,307 1,151,457 8,108,764 2064 6,967,027 1,051,792 8,018,819 2065 6,956,224 959,426 7,915,650 16 Page 21 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation ASSET INFORMATION STATEMENT OF FIDUCIARY NET POSITION Market Value 01/01/2026 ASSETS Cash and Cash Equivalents: Checking Account 33,605 Total Cash and Equivalents $ 33,605 RECEIVABLES Prepaids 2,797 Total Receivable $ 2,797 INVESTMENTS Pooled/Common/Commingled Funds: 49,063,040 Total Investments $ 49,063,040 TOTAL ASSETS $ 49,099,442 LIABILITIES Payables: Miscellaneous 1,385 Total Liabilities $ 1,385 NET POSITION RESTRICTED FOR PENSIONS $ 49,098,057 17 Page 22 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation STATEMENT OF CHANGES IN FIDUCIARY NET POSITION Year-Ended 01/01/2026 ADDITIONS Contributions: Member $ 513,357 Employer 2,763,000 Total Contributions $ 3,276,357 Investment Income: Net Increase in Fair Value of Investments $ 7,437,688 Less Investment Expense¹ (40,643) Net Investment Income $ 7,397,045 Total Additions $ 10,673,402 DEDUCTIONS Distributions to Members: Benefit Payments $ 3,010,612 Refunds of Member Contributions 0 Total Distributions $ 3,010,612 Administrative Expense $ 49,002 Total Deductions $ 3,059,614 NET INCREASE IN NET POSITION $ 7,613,788 NET POSITION RESTRICTED FOR PENSIONS Beginning of the Year $ 41,484,269 End of the Year $ 49,098,057 ¹Investment related expenses include investment advisory, custodial and performance monitoring fees. 18 Page 23 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation DEVELOPMENT OF ACTUARIAL VALUE OF ASSETS 1/1/2026 ACTUARIAL VALUE OF ASSETS Market Value of Assets $ 49,098,057 Total Deferred Investment (Gains)/Losses (3,939,660) Preliminary Actuarial Value of Assets $ 45,158,397 Limited Actuarial Value of Assets (20% corridor) $ 45,158,397 DEVELOPMENT OF INVESTMENT (GAIN)/LOSS Market Value of Assets, Prior Year $ 41,484,269 Contributions 3,276,357 Benefit Payments (3,010,612) Administrative Expenses (49,002) Expected Investment Earnings 2,703,411 Actual Net Investment Earnings (7,397,045) 2025 Actuarial Investment (Gain)/Loss $ (4,693,634) DEFERRED INVESTMENT (GAINS)/LOSSES Percentage Deferred Year Ended (Gain)/Loss Deferred (Gain)/Loss 12/31/2025 (4,693,634) 80% (3,754,907) 12/31/2024 (1,165,641) 60% (699,385) 12/31/2023 (2,356,383) 40% (942,552) 12/31/2022 7,285,924 20% 1,457,184 12/31/2021 0 0% 0 Total Deferred Investment (Gains)/Losses (3,939,660) APPROXIMATE RATES OF RETURN Basis Rate of Return Actuarial Valuation of Assets 6.85% Market Value of Assets 17.78% 19 Page 24 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS Year Ended 1/1/2026 ADDITIONS Contributions: Member $ 513,357 Employer 2,763,000 Total Contributions $ 3,276,357 Earnings from Investments: Net Increase in Fair Value of Investments $ 7,437,688 Change in Actuarial Value (4,507,687) Total Earnings and Investment Gains $ 2,930,001 DEDUCITIONS Distributions to Members: Benefit Payments $ 3,010,612 Refunds of Member Contributions 0 Total Distributions $ 3,010,612 Expenses: Investment related¹ $ 40,643 Administrative 49,002 Total Expenses $ 89,645 CHANGE IN NET ASSETS FOR THE YEAR $ 3,106,101 NET ASSETS Beginning of the Year $ 42,052,296 End of the Year² $ 45,158,397 ¹Investment related expenses include investment advisory, custodial and performance monitoring fees. ²Net Assets may be limited for actuarial consideration. 20 Page 25 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation HISTORY OF FUNDING PROGRESS HISTORY OF ASSET VALUES AND INVESTMENT RETURNS History of Asset Values (Market Value vs Actuarial Value) 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Actuarial Value of Assets Market value of Assets History of Investment Returns (Market Value vs Actuarial Value) 20% 15% 10% 5% 0% -5% -10% -15% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Return on Actuarial Value Return on Market Value Assumed Return 21 Page 26 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation PARTICIPANT STATISTICS STATISTICAL DATA Valuation Date 1/1/2026 1/1/2025 1/1/2024 1/1/2023 ACTIVES - TIER 1 Number 15 16 16 18 Average Current Age 47.1 46.3 45.3 44.9 Average Age at Employment 24.4 24.7 24.7 24.7 Average Past Service 22.7 21.6 20.6 20.2 Average Annual Salary $149,153 $142,834 $136,103 $122,971 ACTIVES - TIER 2 Number 28 29 27 23 Average Current Age 32.5 31.6 31.3 30.5 Average Age at Employment 27.0 26.9 27.1 26.3 Average Past Service 5.5 4.7 4.2 4.2 Average Annual Salary $111,188 $104,529 $98,033 $85,915 SERVICE RETIREES Number 30 29 30 30 Average Current Age 69.4 69.1 68.6 68.5 Average Annual Benefit $86,827 $85,084 $81,282 $74,910 BENEFICIARIES Number 6 6 5 5 Average Current Age 76.9 75.9 73.0 77.5 Average Annual Benefit $65,927 $65,927 $70,535 $59,821 DISABILITY RETIREES Number 3 3 3 2 Average Current Age 58.0 57.0 56.0 64.7 Average Annual Benefit $47,537 $47,386 $47,234 $44,043 TERMINATED VESTED Number 15 11 13 11 Average Current Age 36.9 45.9 37.3 38.1 Average Annual Benefit ¹ $60,133 $60,133 $48,736 $63,082 ¹ Average Annual Benefit for Terminated Vested members reflects the benefit for members entitled to a future annual benefit from the plan. 22 Page 27 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation AGE AND SERVICE DISTRIBUTION PAST SERVICE AGE 0 1 2 3 4 5-9 10-14 15-19 20-24 25-29 30+ Total 15 - 19 0 0 0 0 0 0 0 0 0 0 0 0 20 - 24 1 1 0 0 0 0 0 0 0 0 0 2 25 - 29 1 0 2 0 0 1 0 0 0 0 0 4 30 - 34 1 1 1 0 1 9 0 0 0 0 0 13 35 - 39 0 0 2 0 1 1 3 0 0 0 0 7 40 - 44 0 0 0 0 1 1 0 2 3 0 0 7 45 - 49 0 0 0 0 0 0 0 2 4 2 0 8 50 - 54 0 0 0 0 0 0 0 1 0 0 0 1 55 - 59 0 0 0 0 0 0 0 0 0 0 0 0 60 - 64 0 0 0 0 0 0 0 0 0 0 1 1 65+ 0 0 0 0 0 0 0 0 0 0 0 0 Total 3 2 5 0 3 12 3 5 7 2 1 43 23 Page 28 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation PARTICIPANT RECONCILIATION Members Receiving Receiving Receiving Death Disability Actives Benefits Benefits Benefits Vested Total Number, prior valuation 45 29 6 3 11 94 New Entrants / Rehires 3 0 0 0 0 3 Retired (1) 1 0 0 0 0 Vested Deferred (4) 0 0 0 4 0 Death, With Survivor 0 0 0 0 0 0 Death, No Survivor 0 0 0 0 0 0 Disabled 0 0 0 0 0 0 Refund of Contributions or Transferred Service to Other Fund 0 0 0 0 0 0 Expired Annuities 0 0 0 0 0 0 Data Corrections 0 0 0 0 0 0 Hired/Termed in Same Year 0 0 0 0 0 0 Number, current valuation 43 30 6 3 15 97 24 Page 29 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation ACTUARIAL ASSUMPTIONS AND METHODS Interest Rate 6.50% per year compounded annually, net of investment related expenses. Mortality Rate Active Lives: PubS-2010 Employee mortality, unadjusted, with generational improvements with the most recent projection scale (currently Scale MP-2021). 10% of active deaths are assumed to be in the line of duty. Inactive Lives: PubS-2010 Healthy Retiree mortality, adjusted by a factor of 1.15 for male retirees and unadjusted for female retirees, with generational improvements with the most recent projection scale (currently Scale MP-2021). Beneficiaries: PubS-2010 Survivor mortality, unadjusted for male beneficiaries and adjusted by a factor of 1.15 for female beneficiaries, with generational improvements with the most recent projection scale (currently Scale MP-2021). Disabled Lives: PubS-2010 Disabled mortality, adjusted by a factor of 1.08 for male disabled members and unadjusted for female disabled members, with generational improvements with the most recent projection scale (currently Scale MP-2021). The mortality assumptions sufficiently accommodate anticipated future mortality improvements. Retirement Age Rates are based on a 2022 experience study performed for the Illinois Police Officers’ Pension Investment Fund. % Retiring During % Retiring During Year (Tier 1) Year (Tier 2) Age Rate Age Rate 50-54 20% 50-54 5% 55-62 25% 55 40% 63 33% 56-62 25% 64 40% 63 33% 65-69 55% 64 40% 70+ 100% 65-69 55% 25 Page 30 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation % Retiring During % Retiring During Year (Tier 1) Year (Tier 2) Age Rate Age Rate 70+ 100% Disability Rate 60% of the disabilities are assumed to be in the line of duty. Rates are based on a 2022 experience study performed for the Illinois Police Officers’ Pension Investment Fund. % Becoming Disabled During Year Age Rate Age Rate 20 0.000% 45 0.561% 25 0.029% 50 0.675% 30 0.133% 55 0.855% 35 0.247% 60 1.093% 40 0.399% Termination Rate Rates are based on a 2022 experience study performed for the Illinois Police Officers’ Pension Investment Fund. % Terminating During Year Service Rate Service Rate 0 13.00% 8 3.00% 1 8.00% 9 2.50% 2 7.00% 10 2.25% 3 6.00% 11 2.00% 4 5.00% 12 1.75% 5 4.50% 13 1.50% 6 4.00% 14+ 1.25% 7 3.50% Inflation 2.50%. Cost-of-Living Adjustment Tier 1: 3.00% per year after age 55. Those that retire prior to age 55 receive an increase of 1/12 of 3.00% for each full month since benefit commencement upon reaching age 55. Tier 2: 1.25% per year after the later of attainment of age 60 or first anniversary of retirement. 26 Page 31 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation Salary Increases Rates inclusive of inflation. This is based on a 2022 experience study performed for the Illinois Police Officers’ Pension Investment Fund. Salary Scale Service Rate Service Rate 0 11.00% 5 6.00% 1 9.50% 6 5.00% 2 8.00% 7-11 4.00% 3 7.50% 12-29 3.75% 4 7.00% 30+ 3.50% Marital Status 80% of Members are assumed to be married. Spouse’s Age Males are assumed to be three years older than females. Funding Method Entry Age Normal Cost Method. Under this method, the normal cost is the sum of the individual normal costs for all active participants. For an active participant, the normal cost is the participant’s normal cost accrual rate, multiplied by the participant’s current compensation. The normal cost accrual rate equals: (i) the present value of future benefits for the participant, determined as of the participant’s entry age, divided by (ii) the present value of the compensation expected to be paid to the participant for each year of the participant’s anticipated future service, determined as of the participant’s entry age. In calculating the present value of future compensation, the salary scale is applied both retrospectively and prospectively to estimate compensation in years prior to and subsequent to the valuation year based on the compensation used for the valuation. The accrued liability is the sum of the individual accrued liabilities for all participants and beneficiaries. A participant’s accrued liability equals the present value, at the participant’s attained age, of future benefits less the present value at the participant’s attained age of the individual normal costs payable in the future. Under this method, the entry age used for each active participant is 27 Page 32 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation the participant’s age at the time he or she would have commenced participation if the plan had always been in existence under current terms, or the age as of which he or she first earns service credits for purposes of benefit accrual under the current terms of the plan. Actuarial Asset Method Investment gains and losses are smoothed over a 5-year period. In the first year, 20% of the gain or loss is recognized. In the second year 40%, in the third year 60%, in the fourth year 80%, and in the fifth year 100% of the gain or loss is recognized. The actuarial investment gain or loss is defined as the actual return on investments minus the actuarial assumed investment return. Actuarial Assets shall not be less than 80% nor greater than 120% of the Market Value of Assets. Funding Policy Amortization Method The UAAL is amortized according to a Level Percentage of Payroll method. The initial amortization amount is 100% of the Accrued Liability less the Actuarial Value of Assets. The amortization period uses a 15-year rolling methodology. The use of a rolling amortization methodology with a reasonable amortization period and coupled with a payroll growth rate that is not too high will produce a significant annual payment towards the principal on the UAAL, resulting in an annual decrease in the UAAL, assuming the actuarial assumptions materialize. Total Required Contribution Equal to the Normal Cost plus Administrative Expenses plus an amount sufficient to amortize the Unfunded Accrued Liability as defined by the Funding Policy Amortization Method. The required amount is adjusted for interest according to the timing of contributions during the year. Payroll Growth 3.25% per year. Administrative Expenses Expenses paid out of the fund other than investment-related expenses are assumed to be equal to those paid in the previous year. 28 Page 33 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation PLAN PROVISIONS Article 3 Pension Fund The Plan is established and administered as prescribed by “Article 3. Police Pension Fund – Municipalities 500,000 and Under” of the Illinois Pension Code. Plan Administration The Plan is a single employer defined benefit pension plan administered by a Board of Trustees comprised of: a.) Two members appointed by the Municipality, b.) Two active Members of the Police Department elected by the Membership, and c.) One retired Member of the Police Department elected by the Membership. Credited Service Complete years of service as a sworn police officer employed by the Municipality. Normal Retirement Date Tier 1: Age 50 and 20 years of Credited Service. Tier 2: Age 55 with 10 years of Credited Service. Benefit Tier 1: 50% of annual salary attached to rank on last day of service plus 2.50% of annual salary for each year of service over 20 years, up to a maximum of 75% of salary. The minimum monthly benefit is $1,000 per month. Tier 2: 2.50% per year of service times the average salary for the 48 consecutive months of service within the last 60 months of service in which the total salary was the highest prior to retirement times the number of years of service, up to a maximum of 75% of average salary. The minimum monthly benefit is $1,000 per month. For Tier 2 participants, the salary is capped at a rate of $106,800 as of 2011, indexed annually at a rate of CPI-U, but not to exceed 3.00%. Form of Benefit Tier 1: For married retirees, an annuity payable for the life of the Member; upon the death of the member, 100% of the Member’s benefit payable to the spouse until death. For unmarried retirees, the normal form is a Single Life Annuity. 29 Page 34 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation Tier 2: Same as above, but with 66 2/3% of benefit continued to spouse. Early Retirement Date Tier 1: Age 60 and 8 years of Credited Service. Tier 2: Age 50 with 10 years of Credited Service. Benefit Tier 1: Normal Retirement benefit with no minimum. Tier 2: Normal Retirement benefit reduced 6.00% each year before age 55, with no minimum benefit. Form of Benefit Same as Normal Retirement. Disability Benefit Eligibility Total and permanent as determined by the Board of Trustees. Benefit Amount A maximum of: a.) 65% of salary attached to the rank held by Member on last day of service, and; b.) The monthly retirement pension that the Member is entitled to receive if he or she retired immediately. For non-service connected disabilities, a benefit of 50% of salary attached to rank held by Member on last day of service. Cost-of-Living Adjustment Tier 1: Retirees: An annual increase equal to 3.00% per year after age 55. Those that retire prior to age 55 receive an increase of 1/12 of 3.00% for each full month since benefit commencement upon reaching age 55. Disabled Retirees: An annual increase equal to 3.00% per year of the original benefit amount beginning at age 60. Those that become disabled prior to age 60 receive an increase of 3.00% of the original benefit amount for each year since benefit commencement upon reaching age 60. 30 Page 35 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation Tier 2: An annual increase each January 1 equal to 3.00% per year or one-half of the annual unadjusted percentage increase in the consumer price index-u for the 12 months ending with the September preceding each November 1, whichever is less, of the original pension after the attainment of age 60 or first anniversary of pension start date whichever is later. Pre-Retirement Death Benefit Service Incurred 100% of salary attached to rank held by Member on last day of service. Non-Service Incurred A maximum of: a.) 54% of salary attached to the rank held by Member on last day of service, and; b.) The monthly retirement pension earned by the deceased Member at the time of death, regardless of whether death occurs before or after age 50. For non-service deaths with less than 10 years of service, a refund of member contributions is provided. Vesting (Termination) Vesting Service Requirement Tier 1: 8 years. Tier 2: 10 years. Non-Vested Benefit Refund of Member Contributions. Vested Benefit Either the termination benefit, payable upon reaching age 60 (55 for Tier 2), provided contributions are not withdrawn, or a refund of member contributions. The termination benefit is 2.50% of annual salary held in the year prior to termination (4-year final average salary for Tier 2) times creditable service. Contributions Employee 9.91% of Salary. Municipality Remaining amount necessary for payment of Normal (current year’s) Cost and amortization of the accrued past service liability. 31 Page 36 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation SUPPLEMENTARY INFORMATION GLOSSARY Accrued Benefit The benefit earned as of a specific date based on the provisions of the plan and the member’s age, service, and salary as of that date. Actuarial Accrued Liability The portion of the anticipated future benefits allocated to years prior to the valuation date determined according to the plan’s Actuarial Cost Method. Actuarial Value of Assets The asset value used in the valuation to determine contribution requirements. It represents the plan’s Market Value of Assets (see below), with adjustments according to the plan’s Actuarial Asset Method. These adjustments produce a “smoothed” value that is likely to be less volatile from year to year than the Market Value of Assets. Actuarial Assumptions Assumptions regarding the occurrence of future events affecting plan costs. These assumptions include rates of investment earnings, changes in compensation, rates of mortality, withdrawal, disablement, and retirement as well as statistics related to marriage and family composition. Actuarial Cost Method A method of determining the portion of the cost of a plan to be allocated to each year; sometimes referred to as the "actuarial funding method." Each cost method allocates a certain portion of the actuarial present value of benefits between the Actuarial Accrued Liability and future normal costs to ensure the plan is adequately and systematically funded. Actuarial Gain or Loss The change in Unfunded Actuarial Accrued Liability resulting from experience different from Actuarial Assumptions. Gains decrease the Unfunded Actuarial Accrued Liability and losses increase the Unfunded Actuarial Accrued Liability. 32 Page 37 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation Actuarial Present Value The estimated amount of funds required as of a specified date to provide a payment or series of payments in the future. It is determined by discounting future payments at predetermined rates of interest, and by probabilities of payments between the specified date and the expected date of payment. Amortization Payment The portion of the plan contribution designated to pay interest and reduce the outstanding principal balance of Unfunded Actuarial Accrued Liability. If the amortization payment is less than the accrued interest on the Unfunded Actuarial Accrued Liability the outstanding principal balance will increase. Decrements Events which result in the termination of membership in the system such as retirement, disability, withdrawal, or death. Funded Ratio A measure of the ratio of the plan assets to liabilities of the system. Typically, the assets used in the measure are the Actuarial Value of Assets as determined by the asset valuation method. The Funded Ratio depends not only on the financial strength of the plan but also on the asset valuation method used to determine the assets and on the Actuarial Cost Method used to determine the liabilities. Interest Rate The assumed long-term rate of return on plan assets. Market Value of Assets The fair market value of plan assets as of the valuation date. Normal Cost The portion of the Actuarial Present Value of Benefits allocated to the current year determined according to the plan’s Actuarial Cost Method. Present Value of Benefits The single sum value on the valuation date of all future benefits to be paid to current plan participants. Projected Annual Payroll The salary expected for the year after the valuation date, excluding members over the 100% assumed retirement age. 33 Page 38 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation Projected Benefits The benefits expected to be paid in the future based on the provisions of the plan and the Actuarial Assumptions. The projected values are based on anticipated future advancement in age and accrual of service as well as increases in salary paid to the participant. Total Annual Payroll The salary expected for the year after the valuation date. Ultimate Cost The total cost to the plan once the last benefit has been paid. The Ultimate Cost equals Benefit Payments Plus: Expenses Less: Investment Income The Ultimate Cost is independent of the Actuarial Cost Method selected. Unfunded Actuarial Accrued Liability The excess of the Actuarial Accrued Liability over the Actuarial Value of Assets. Vested Benefit Benefits members are entitled to regardless of employment status. 34 Page 39 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation DISCUSSION OF RISK ASOP No. 51, Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions, states that the actuary should identify risks that, in the actuary’s professional judgment, may reasonably be anticipated to significantly affect the plan’s future financial condition. Throughout this report, actuarial results are determined under various assumption scenarios. These results are based on the premise that all future plan experience will align with the plan’s actuarial assumptions; however, there is no guarantee that actual plan experience will align with the plan’s assumptions. It is possible that actual plan experience will differ from anticipated experience in an unfavorable manner that will negatively impact the plan’s funded position. Below are examples of ways in which plan experience can deviate from assumptions and the potential impact of that deviation. Typically, this results in an actuarial gain or loss representing the current-year financial impact on the plan’s unfunded liability of the experience differing from assumptions; this gain or loss is amortized over a period of time determined by the plan’s amortization method. When assumptions are selected that adequately reflect plan experience, gains and losses typically offset one another in the long term, resulting in a relatively low impact on the plan’s contribution requirements associated with plan experience. When assumptions are too optimistic, losses can accumulate over time and the plan’s amortization payment could potentially grow to an unmanageable level.  Investment Return: When the rate of return on the Actuarial Value of Assets falls short of the assumption, this produces a loss representing assumed investment earnings that were not realized. Further, it is unlikely that the plan will experience a scenario that matches the assumed return in each year as capital markets can be volatile from year to year. Therefore, contribution amounts can vary in the future.  Salary Increases: When a plan participant experiences a salary increase that was greater than assumed, this produces a loss representing the cost of an increase in anticipated plan benefits for the participant as compared to the previous year. The total gain or loss associated with salary increases for the plan is the sum of salary gains and losses for all active participants.  Payroll Growth: The plan’s payroll growth assumption, if one is used, causes a predictable annual increase in the plan’s amortization payment in order to produce an amortization payment that remains constant as a percentage of payroll if all assumptions are realized. If payroll does not increase according to the plan’s payroll growth assumption, the plan’s amortization payment can increase significantly as a percentage of payroll even if all assumptions other than the payroll growth assumption are realized. 35 Page 40 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation  Demographic Assumptions: Actuarial results take into account various potential events that could happen to a plan participant, such as retirement, termination, disability, and death. Each of these potential events is assigned a liability based on the likelihood of the event and the financial consequence of the event for the plan. Accordingly, actuarial liabilities reflect a blend of financial consequences associated with various possible outcomes (such as retirement at one of various possible ages). Once the outcome is known (e.g. the participant retires) the liability is adjusted to reflect the known outcome. This adjustment produces a gain or loss depending on whether the outcome was more or less favorable than other outcomes that could have occurred.  Contribution Risk: This risk results from the potential that actual employer contributions may deviate from actuarially determined contributions, which are determined in accordance with the Board’s funding policy. The funding policy is intended to result in contribution requirements that if paid when due, will result in a reasonable expectation that assets will accumulate to be sufficient to pay plan benefits when due. Contribution deficits, particularly large deficits and those that occur repeatedly, increase future contribution requirements and put the plan at risk for not being able to pay plan benefits when due. IMPACT OF PLAN MATURITY ON RISK For newer pension plans, most of the participants and associated liabilities are related to active members who have not yet reached retirement age. As pension plans continue in operation and active members reach retirement ages, liabilities begin to shift from being primarily related to active members to being shared amongst active and retired members. Plan maturity is a measure of the extent to which this shift has occurred. It is important to understand that plan maturity can have an impact on risk tolerance and the overall risk characteristics of the plan. For example, plans with a large amount of retired liability do not have as long of a time horizon to recover from losses (such as losses on investments due to lower than expected investment returns) as plans where the majority of the liability is attributable to active members. For this reason, less tolerance for investment risk may be warranted for highly mature plans with a substantial inactive liability. Similarly, mature plans paying substantial retirement benefits resulting in a small positive or net negative cash flow can be more sensitive to near term investment volatility, particularly if the size of the fund is shrinking, which can result in less assets being available for investment in the market. 36 Page 41 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation To assist with determining the maturity of the plan, we have provided some relevant metrics in the table following titled “Plan Maturity Measures and Other Risk Metrics”. Highlights of this information are discussed below:  The Support Ratio, determined as the ratio of active to inactive members, has decreased from 105.1% on January 1, 2023 to 102.4% on January 1, 2026, indicating that the plan has been rapidly maturing.  The Accrued Liability Ratio, determined as the ratio of the Inactive Accrued Liability, which is the liability associated with members who are no longer employed but are due a benefit from the plan, to the Total Accrued Liability, is 63.8%. With a plan of this maturity, losses due to lower than expected investment returns or demographic factors will need to be made up for over a shorter time horizon than would be needed for a less mature plan.  The Funded Ratio, determined as the ratio of the Actuarial Value of Assets to the Total Accrued Liability, has decreased from 67.3% on January 1, 2023 to 63.7% on January 1, 2026.  The Net Cash Flow Ratio, determined as the ratio of the Net Cash Flow (contributions minus benefit payments and administrative expenses) to the Market Value of Assets, stayed approximately the same from January 1, 2023 to January 1, 2026. The current Net Cash Flow Ratio of 0.4% indicates that contributions are generally covering the plan's benefit payments and administrative expenses. LOW DEFAULT-RISK OBLIGATION MEASURE ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions, was revised as of December 2021 to include a “low-default-risk obligation measure” (LDROM). This liability measure is consistent with the determination of the actuarial accrued liability shown on page 8 in terms of member data, plan provisions, and assumptions/methods, including the use of the Entry Age Normal Cost Method, except that the interest rate is tied to low-default-risk fixed income securities. The S&P Municipal Bond 20 Year High Grade Rate Index (daily rate closest to, but not later than, the measurement date) was selected to represent a current market rate of low risk but longer-term investments that could be included in a low-risk asset portfolio. The interest rate used in this valuation was 4.43% resulting in an LDROM of $95,993,952. The LDROM should not be considered the “correct” liability measurement; it simply shows a possible outcome if the Board elected to hold a very low risk asset portfolio. Given that plan benefits are paid over time through the combination of contributions and investment returns, prudent investments selected by the Board help to balance asset accumulation through these two sources. It is important to note that the actuary has identified the risks above as the most significant risks based on the characteristics of the plan and the nature of the project, however, it is not an exhaustive list of potential risks that could be considered. Additional advanced modeling, as well as the identification of additional risks, can be provided at the request of the audience addressed on page 2 of this report. 37 Page 42 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation PLAN MATURITY MEASURES AND OTHER RISK METRICS 1/1/2026 1/1/2025 1/1/2024 1/1/2023 SUPPORT RATIO Total Actives¹ 43 45 43 41 Total Inactives¹ 42 41 42 39 Actives / Inactives 102.4% 109.8% 102.4% 105.1% ASSET VOLATILITY RATIO Market Value of Assets (MVA) 49,098,057 41,484,269 38,269,224 33,989,666 Total Annual Payroll 5,350,561 5,316,683 4,824,524 4,189,515 MVA / Total Annual Payroll 917.6% 780.3% 793.2% 811.3% ACCRUED LIABILITY (AL) RATIO Inactive Accrued Liability 45,242,527 43,916,268 43,953,512 38,955,011 Total Accrued Liability 70,939,261 68,296,635 65,535,478 59,122,599 Inactive AL / Total AL 63.8% 64.3% 67.1% 65.9% FUNDED RATIO Actuarial Value of Assets (AVA) 45,158,397 42,052,296 40,755,672 39,818,405 Total Accrued Liability 70,939,261 68,296,635 65,535,478 59,122,599 AVA / Total Accrued Liability 63.7% 61.6% 62.2% 67.3% NET CASH FLOW RATIO Net Cash Flow ² 216,743 (424,516) (277,147) (197,426) Market Value of Assets (MVA) 49,098,057 41,484,269 38,269,224 33,989,666 Ratio 0.4% -1.0% -0.7% -0.6% ¹ Excludes terminated participants awaiting a refund of member contributions. ² Determined as total contributions minus benefit payments and administrative expenses. 38 Page 43 of 65 Village of Glen Ellyn Police Pension Fund Actuarial Valuation STATUTORY MINIMUM REQUIRED CONTRIBUTION Contribution requirements shown on this page are calculated according to statutory minimum funding requirements of the Illinois Pension Code. We do not believe this method is sufficient to fund future benefits; as such, we recommend funding according to the contributions developed in the Contribution Requirements section of this report. Valuation Date 1/1/2026 1/1/2025 Applicable to Fiscal Year Ending 12/31/2027 12/31/2026 UNFUNDED ACTUARIAL ACCRUED LIABILITY Actuarial Accrued Liability (PUC) $ 67,861,802 $ 65,194,868 Actuarial Value of Assets 45,158,397 42,052,296 Unfunded Actuarial Accrued Liability (UAAL) 22,703,405 23,142,572 UAAL Subject to Amortization 15,917,225 16,623,085 CALCULATION OF MINIMUM REQUIRED CONTRIBUTION Normal Cost $ 1,506,729 $ 1,487,500 % of Total Annual Payroll 28.1% 28.0% Administrative Expenses 52,187 66,212 % of Total Annual Payroll 1.0% 1.2% UAAL Amortization Payment 1,391,414 1,381,863 % of Total Annual Payroll 26.0% 26.0% Total Recommended Contribution $ 2,950,330 $ 2,935,575 % of Total Annual Payroll 55.1% 55.2% Expected Member Contributions (530,241) (526,883) % of Total Annual Payroll -9.9% -9.9% Expected Village Contribution $ 2,420,089 $ 2,408,692 % of Total Annual Payroll 45.2% 45.3% ASSUMPTIONS AND METHODS Actuarial Cost Method Projected Unit Credit Amortization Method 90% Funding by 2040 All other assumptions and methods are as described in the Actuarial Assumptions and Methods section. ¹ Contributions developed as of 1/1/2026 displayed above have been adjusted to account for assumed interest. 39 Page 44 of 65  Glen Ellyn Finance Meeting 6/12/2026 7:00 AM Commission Department: Finance 535 Duane Street Department Head: Patrick Brankin Glen Ellyn, IL 60137 Category: Report Prepared By: Patrick Brankin AGENDA ITEM (ID DOC ID: 2026-449 # 2026-449) Q1 2026 Financial Report Statement of the Issue: Analysis: Budget Impact: Contribution to Strategic Plan Action Requested: Attachments: 1. 2026 Q1 Financial Report 2. Village Links March Financials Page 45 of 65 2026 Q1 Financial Report Page 46 of 65 About This Report January 1, 2026 to March 31, 2026 Preliminary and Unaudited Budgetary Basis (Cash Basis) Page 47 of 65  General Fund Year to Date Revenues and Expenditures $12,000,000 • Revenues exceed prior year-to-date by $900,000, primarily due to $10,000,000 strength of sales and home-rule sales taxes. $8,000,000 • Revenues exceed FY26 YTD budget $6,000,000 by $625,000 or 10%. • Expenditures are greater than prior $4,000,000 year by $3.9 million, due to one-time $2,000,000 transfers. • Expenditures are below FY26 YTD $- Revenues, year to date Expenditures, year to date budget by $290,000 or 3%. Last year 5,472,505 6,120,400 Budget 5,743,304 10,317,144 Current year 6,367,576 10,028,989 Page 48 of 65  Year to date Change in Fund Balance $- $(500,000) $(1,000,000) $(1,500,000) $(2,000,000) $(2,500,000) $(3,000,000) $(3,500,000) $(4,000,000) $(4,500,000) $(5,000,000) Last year Budget Current year Page 49 of 65 General Fund Core Revenues as % of Budget Sales Tax HR Sales Tax 29.6% 33.2% Target Target Target 25.7% 25.6% 24.2% Page 50 of 65  YTD Core Revenues $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $- 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Sales Tax Home Rule Sales Tax Income Tax Page 51 of 65 General Fund Expenditure Trends • YTD expenditures are 7% above FY25 (exclusive of one-time transfers) • Rising personnel costs • Rising contractual costs • YTD expenditures are 3% below FY26 budget • Vacancies Page 52 of 65  General Fund Cumulative Change in Fund Balance $4,000,000 $3,000,000 $2,000,000 $1,000,000 $- $(1,000,000) $(2,000,000) $(3,000,000) $(4,000,000) $(5,000,000) $(6,000,000) January February March April May June July August September October November December 2026 Budget 2022 2023 2024 2025 2026 Page 53 of 65  Capital Projects Fund - Real Estate Transfer Tax 60 $1,000,000 $900,000 50 $800,000 $700,000 40 $600,000 Number Processed $ Cumulative RETT 30 $500,000 $400,000 20 $300,000 $200,000 10 $100,000 0 $- January February March April May June July August Sept Oct Nov Dec RETT transactions (# processed), 2024 RETT transactions (# processed), 2025 RETT transactions (# processed), 2026 RETT transactions ($ cumulative), 2024 RETT transactions ($ cumulative), 2025 RETT transactions ($ cumulative), 2026 Page 54 of 65  Capital Projects Fund – Food & Beverage Tax $300,000 $250,000 Dec-25, $158,950 Mar-26, $153,929 $200,000 Jan-21, $100,189 $150,000 $100,000 $50,000 $0 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Downward Trend Max, Min, Average, Current Monthly Total 12 mo rolling average Page 55 of 65 Other Funds Water & Sewer Fund • Total revenue 23% of budget (20% in prior year) • Total expenses 25% of budget (incl. encumbrances) Parking Fund • Total revenue 19% of budget (17% in PY) • Total expenses 110% of budget Residential Solid Waste Fund • Total revenues 24% of budget (25% in PY) • Total expenses 27% of budget (incl. encumbrances) Village Links/Reserve 22 • See included financial statements Page 56 of 65  Cash Reserves General $ 9,155,843 $ 8,389,647 $ 766,196 Water & Sewer $ 14,478,371 $ 2,780,702 $ 11,697,668 Parking $ 1,910,810 $ 90,975 $ 1,819,835 Solid Waste $ 568,452 $ 565,613 $ 2,840 Village Links $ 1,753,818 $ 1,878,955 $ (125,137) Page 57 of 65 Police Pension Fund Illinois Police Officers’ Pension Investment Fund (IPOPIF) • State mandated consolidation completed April 1, 2022 • IPOPIF long-term investment target 6.8% • Village long-term target 6.5% Inception IPOPIF YTD 1 Year to Date Fund investment performance, net of 0.69% 18.07% 7.75% fees Page 58 of 65 Discussion & Questions Page 59 of 65  VILLAGE LINKS / RESERVE 22 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 As of March 31, 2026 2026 MONTH YEAR-TO-DATE ORG DESCRIPTION BUDGET 2026 2025 DIFF % DIFF 2026 2025 DIFF % DIFF REVENUES: 5500 Village Links Revenues $ 4,808,500 179,817 $ 129,060 $ 50,757 39% 231,935 $ 179,241 $ 52,694 29% 5520 Reserve 22 Revenues 3,548,200 155,714 186,201 $ (30,487) -16% 394,779 409,562 $ (14,783) -4% Total Revenues $ 8,356,700 $ 335,530 $ 315,261 $ 20,269 6% 626,714 $ 588,803 $ 37,911 6% EXPENDITURES: 55700 Administration $ 757,501 67,621 $ 56,928 $ 10,694 19% 192,966 $ 216,319 $ (23,353) -11% 55710 Golf Course Maintenance 1,489,493 143,326 59,039 $ 84,287 143% 250,763 197,733 $ 53,030 27% 55720 Golf Services 1,135,780 59,560 53,228 $ 6,332 12% 177,503 133,761 $ 43,742 33% 55730 Reserve 22 3,417,048 222,024 194,324 $ 27,700 14% 630,448 556,243 $ 74,205 13% 55740 Stormwater Management 51,962 1,649 1,331 $ 318 24% 4,415 3,982 $ 432 11% 55750 Pro Shop Merchandise 185,272 10,520 25,708 $ (15,188) -59% 15,488 20,928 $ (5,440) -26% 55780 Motorized Carts 67,596 908 114 $ 795 700% 908 114 $ 795 700% 557X5 Mechanical Maintenance 411,169 34,087 33,644 $ 444 1% 101,898 79,712 $ 22,187 28% Total Operating Expenses $ 7,515,821 539,695 $ 424,314 $ 115,381 27% 1,374,389 $ 1,208,791 $ 165,598 14% Operating Income (Loss) $ 840,879 $ (204,165) $ (109,053) $ (95,112) 87% (747,675) $ (619,988) $ (127,687) 21% Debt Service 303,900 - - - 0% - - - 0% Capital Expenditures 484,686 27,728 112,611 (84,883) -75% 457,800 186,839 270,961 145% CHANGE IN NET POSITION $ 52,293 $ (231,893) $ (221,664) $ (10,228) 5% $ (1,205,475) $ (806,827) $ (398,648) 49% KEY METRICS Goal Personnel Expenses as % of Sales 51% 74% 69% 5% 118% 118% -1% Cash Balance (End of Month, in $000's) $ 1,878 $ 1,803 $ 1,909 $ (106) 4/17/2026 Page 1 of 1 Page 60 of 65  VILLAGE LINKS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 GOLF (Including Administration, Grounds, & Mechanical Maintenance) As of March 31, 2026 ORG/ 2026 MONTH YEAR-TO-DATE OBJECT DESCRIPTION BUDGET 2026 2025 DIFF % DIFF 2026 2025 DIFF % DIFF 5500 VILLAGE LINKS REVENUES: 440550 Green Fees $ 3,050,000 $ 103,533 $ 62,813 $ 40,720 65% $ 106,023 $ 63,395 $ 42,628 67% 440554 Pro Shop - Sales 200,000 9,267 9,942 (675) -7% 13,916 12,942 974 8% 440555 Motor Carts 750,000 15,380 10,520 4,860 46% 15,380 10,520 4,860 46% 440556 Driving Range 575,000 25,976 20,902 5,074 24% 31,798 22,246 9,552 43% 440557 Resident Cards 35,000 8,655 9,050 (395) -4% 18,485 16,450 2,035 12% 460100 Investment Income 80,000 9,323 9,444 (121) -1% 18,783 23,559 (4,777) -20% 489000 Miscellaneous Revenue 118,500 7,613 6,375 1,238 19% 27,559 30,095 (2,536) -8% 489100 Miscellaneous - Over/Short - 69 14 55 406% (8) 34 (42) -124% Total Revenues $ 4,808,500 179,817 $ 129,060 $ 50,757 39% 231,935 $ 179,241 $ 52,694 29% COST OF GOODS SOLD: 520945 Cost of Goods Sold - Pro Shop $ 150,000 $ 8,167 $ 23,736 $ (15,569) -66% $ 9,007 $ 14,420 $ (5,413) -38% Total Cost of Goods Sold $ 150,000 $ 8,167 $ 23,736 $ (15,569) -66% $ 9,007 $ 14,420 $ (5,413) -38% Gross Profit $ 4,658,500 $ 171,650 $ 105,324 $ 66,326 63% $ 222,928 $ 164,821 $ 58,107 35% OTHER OPERATING EXPENSES: 510100 Salaries - Pensionable $ 1,414,815 $ 100,966 $ 81,378 $ 19,588 24% $ 283,052 $ 278,613 $ 4,439 2% 510120 Salaries - Non-Pensionable 463,410 5,392 3,181 2,211 70% 8,416 3,560 4,857 136% 510200 Salaries - Overtime 30,250 - 160 (160) -100% - 480 (480) -100% 510400 FICA Taxes 145,999 7,927 6,293 1,634 26% 21,798 21,135 663 3% 510500 IMRF 80,234 5,521 4,120 1,401 34% 15,441 14,123 1,318 9% 590600 Health Insurance 165,600 11,552 9,777 1,776 18% 34,657 31,922 2,736 9% 52XXXX Contractual Services 1,125,865 88,789 77,690 11,098 14% 240,205 251,445 (11,241) -4% 53XXXX Commodities 522,600 89,358 23,656 65,702 278% 131,364 36,851 94,513 256% Total Operating Expenses $ 3,948,773 $ 309,505 $ 206,254 $ 103,250 50% $ 734,934 $ 638,128 $ 96,806 15% Operating Income (Loss) $ 709,727 $ (137,855) $ (100,930) $ (36,924) 37% $ (512,006) $ (473,307) $ (38,699) 8% Operating Income (Loss) Percentage 15% -77% -78% -264% KEY METRICS Goal Rounds Played 85,000 3,478 2,421 1,057 544 2,545 (2,001) Revenue Per Round $ 56.57 $ 51.70 $ 53.31 $ (1.61) $ 426.35 $ 70.43 $ 355.92 Resident Cards Sold N/A 829 860 (31) 1,028 1,628 (600) Cost of Goods Sold % - Pro Shop 75% 88% 239% -151% 65% 111% -47% Personnel Expenses as % of Sales 48% 73% 81% -8% 157% 195% -39% 4/17/2026 Page 1 of 2 Page 61 of 65  VILLAGE LINKS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 GOLF (Including Administration, Grounds, & Mechanical Maintenance) As of March 31, 2026 ORG/ 2026 MONTH YEAR-TO-DATE OBJECT DESCRIPTION BUDGET 2026 2025 DIFF % DIFF 2026 2025 DIFF % DIFF MISCELLANEOUS REVENUE Miscellaneous Revenue includes the following items that don't fit into any of the major revenue categories: Adult & Junior Golf Lessons 65,000 $ 4,745 $ 3,519 $ 1,226 $ 20,845 $ 22,245 $ (1,400) Hand Cart Rentals 30,000 $ 2,552 $ 1,521 1,031 2,755 1,581 1,174 Equipment Sold at Auction - $ - $ - - - - - Golf Club Rentals 10,000 $ - $ 80 (80) - 80 (80) Locker Rentals 4,500 $ 150 $ 600 (450) 3,000 2,600 400 Illinois Sales Tax (1.75%) 4,500 $ 149 $ 140 9 765 627 138 Glen Ellyn Food & Beverage Tax (1%) 500 $ 18 $ 15 3 88 70 17 Handicaps - $ - $ - - - - - Tree Donation - $ - $ 500 (500) - 1,000 (1,000) Misc. Outings 2,000 $ - $ - - 107 - 107 Miscellaneous 2,000 $ - $ - - - 1,892 (1,892) Total $ 118,500 $ 7,613 $ 6,375 $ 1,238 $ 27,559 $ 30,095 $ (2,536) 4/17/2026 Page 2 of 2 Page 62 of 65  RESERVE 22 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 As of March 31, 2026 ORG/ 2026 MONTH YEAR-TO-DATE OBJECT DESCRIPTION BUDGET 2026 2025 DIFF % DIFF 2026 2025 DIFF % DIFF 5520 RESERVE 22 REVENUES: 441100 Food $ 2,000,000 $ 97,486 $ 117,974 $ (20,488) -17% $ 256,251 $ 264,932 $ (8,681) -3% 441101 Liquor 480,000 17,117 14,827 2,289 15% 42,558 34,228 8,330 24% 441102 Beer 530,000 21,254 19,379 1,875 10% 37,943 34,578 3,365 10% 441103 Wine 232,000 10,257 13,670 (3,413) -25% 29,599 35,256 (5,658) -16% 441104 NA Beverages 113,000 4,531 3,148 1,382 44% 9,587 6,446 3,140 49% 441106 Room Charges 2,700 - 1,250 (1,250) -100% - 1,310 (1,310) -100% 441107 Service Charges 190,000 5,047 15,951 (10,904) -68% 18,772 32,365 (13,593) -42% 489000 Miscellaneous Revenue 500 22 1 21 2067% 70 447 (377) -84% Total Revenues $ 3,548,200 $ 155,714 $ 186,201 $ (30,487) -16% $ 394,779 $ 409,562 $ (14,783) -4% 55730 COST OF GOODS SOLD: 530400 Cost of Goods Sold - Beer $ 137,800 $ 11,835 $ 5,170 $ 6,666 129% $ 16,760 $ 10,998 $ 5,762 52% 530401 Cost of Goods Sold - Wine 71,920 4,011 3,328 683 21% 8,915 10,105 (1,191) -12% 530402 Cost of Goods Sold - Liquor 100,800 7,163 4,010 3,153 79% 11,424 10,180 1,244 12% 530405 Cost of Goods Sold - NA Beverages 58,760 4,600 2,809 1,791 64% 8,583 3,765 4,818 128% 530420 Cost of Goods Sold - Food 640,000 47,149 38,362 8,787 23% 103,779 84,300 19,478 23% Total Cost of Goods Sold $ 1,009,280 $ 74,759 $ 53,679 $ 21,080 39% $ 149,460 $ 119,349 $ 30,111 25% Gross Profit $ 2,538,920 $ 80,955 $ 132,522 $ (51,567) -39% $ 245,319 $ 290,214 $ (44,894) -15% Gross Profit Percentage 72% 52% 71% 62% 71% 55730 OTHER OPERATING EXPENSES: 510100 Salaries - Pensionable $ 969,200 $ 64,991 $ 63,209 $ 1,781 3% $ 215,823 $ 195,980 $ 19,843 10% 510120 Salaries - Non-Pensionable 696,850 30,978 29,333 1,646 6% 91,644 91,848 (204) 0% 510200 Salaries - Overtime 5,000 325 147 178 121% 439 147 292 198% 510399 Tips Paid Through Payroll - (374) (2,578) 2,204 -85% 10,096 4,618 5,477 119% 510400 FICA Taxes 162,092 8,532 8,185 347 4% 27,850 25,471 2,379 9% 510500 IMRF 54,760 4,143 3,736 407 11% 13,619 11,554 2,064 18% 590600 Health Insurance 102,600 8,308 7,162 1,146 16% 24,925 21,487 3,438 16% 52XXXX Contractual Services 222,266 17,368 17,396 (28) 0% 62,346 52,682 9,664 18% 53XXXX Commodities 195,000 12,994 14,055 (1,061) -8% 34,247 33,107 1,140 3% Total Operating Expenses $ 2,407,768 $ 147,265 $ 140,645 $ 6,620 5% $ 480,988 $ 436,894 $ 44,094 10% Operating Income (Loss) $ 131,152 $ (66,310) $ (8,123) $ (58,187) 716% $ (235,669) $ (146,680) $ (88,988) 61% Operating Income (Loss) Percentage 4% -43% -4% -60% -36% 4/17/2026 Page 1 of 2 Page 63 of 65  RESERVE 22 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 22 As of March 31, 2026 ORG/ 2026 MONTH YEAR-TO-DATE OBJECT DESCRIPTION BUDGET 2026 2025 DIFF % DIFF 2026 2025 DIFF % DIFF KEY METRICS Goal Revenue Source: Restaurant & Bar N/A $ 117,416 $ 96,251 $ 21,165 22% $ 282,957 $ 225,108 $ 57,849 26% Banquets N/A 28,352 83,055 (54,703) -66% 101,591 177,078 (75,487) -43% Other N/A 9,946 6,896 3,051 44% 10,232 7,377 2,855 39% Total $ 3,548,200 $ 155,714 $ 186,201 $ (30,487) -16% $ 394,780 $ 409,562 $ (14,783) -4% Reserve 22 Revenues (Last 12 Months) $ 3,548,200 $ 3,601,792 $ 3,601,177 $ 615 0% Reserve 22 Expenses (Last 12 Months) $ 3,417,048 $ 3,526,057 $ 3,330,976 $ 195,081 6% # Guest Checks (Restaurant/Bar) N/A 2,776 2,208 568 6,062 4,855 1,207 Revenue Per Guest Check N/A $ 42.30 $ 43.59 $ (1.29) $ 46.68 $ 46.37 $ 0.31 # Guests (Restaurant/Bar) N/A 4,163 3,434 729 9,021 7,550 1,471 Average Guest Spend N/A $ 28.20 $ 28.03 $ 0.18 $ 31.37 $ 29.82 $ 1.55 Cost of Goods Sold % 28% 48% 29% 19% 38% 29% 9% Cost of Goods Sold % (By Category): Cost of Goods Sold - Beer 26% 56% 27% 29% 44% 32% 12% Cost of Goods Sold - Wine 31% 39% 24% 15% 30% 29% 1% Cost of Goods Sold - Liquor 21% 42% 27% 15% 27% 30% -3% Cost of Goods Sold - NA Beverages 52% 102% 89% 12% 90% 58% 31% Cost of Goods Sold - Food 32% 48% 33% 16% 40% 32% 9% Personnel Expenses as % of Revenues 56% 75% 60% 15% 95% 85% 10% Prime Cost (Cost of Goods Sold + Personnel Expenses) as % of Revenues 85% 123% 89% 34% 133% 114% 19% 4/17/2026 Page 2 of 2 Page 64 of 65  Village Links / Reserve 22 Dashboard Financial Reports As of March 31, 2026 Year-To-Date Net Income Year-to-Date Operating Income (Including Capital and Debt Expenditures) (Excluding Capital and Debt Expenditures) $2,000,000 $2,200,000 $1,800,000 $2,000,000 $1,600,000 $1,800,000 $1,400,000 $1,600,000 $1,200,000 $1,400,000 $1,000,000 $1,200,000 $800,000 $1,000,000 $800,000 $600,000 $600,000 $400,000 $400,000 $200,000 $200,000 $- $- $(200,000) 2022 $(200,000) $(400,000) 2023 $(400,000) $(600,000) 2024 $(600,000) $(800,000) 2025 $(800,000) $(1,000,000) 2026 2022 2023 2024 2025 2026 Reserve 22 Operating Income Reserve 22 Revenues (Excluding Capital and Debt Expenditures) 12-Month Rolling Revenues $600,000 $4,500,000 $500,000 $4,300,000 $4,100,000 $400,000 $3,900,000 $300,000 $3,700,000 $3,500,000 $200,000 $3,300,000 $100,000 $3,100,000 $2,900,000 $- $2,700,000 $(100,000) $2,500,000 $(200,000) $(300,000) 12-Month Rolling Revenue Budget 2022 2023 2024 2025 2026 Golf Operating Income Cash Reserves (Excluding Capital and Debt Expenditures) $4,000,000 $1,800,000 $3,500,000 $1,600,000 $3,000,000 $1,400,000 $1,200,000 $2,500,000 $1,000,000 $2,000,000 $800,000 $1,500,000 $600,000 $400,000 $1,000,000 $200,000 $500,000 $- $- $(200,000) $(400,000) $(600,000) 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 4/17/2026 Page 1 of 1 Page 65 of 65