According to village government financials, dated 6/30/11 (page 12), the budget included a long term liability for “accumulated vacation” totaling $558,806..
“That is what you would have to pay out if every village government employee resigned today, and asked for their vacation pay,” explained my village government source.
The financials also identify a long term liability of $152,442 for an “unfunded pension benefit obligation. ” My village source explained that this comes from negotiations “some time ago” with law enforcement officers.
(I have no objection to rewarding the law enforcement folks who protect us. Though, I am STILL waiting on a good explanation as to why this item is listed as ‘unfunded.’)