BY CALEB ALEXANDER
Because of the outcome of an early retirement incentive program, the village of New Baden is realizing a windfall of $75,000. This comes just three months after the board voted to raise property taxes for this year.
The village administrator, Erika Kennett, explained it like this: three employees were offered an early retirement incentive awhile back through a program of the Illinois Municipal Retirement Fund.
Two of the three took the village up on this offer. Kennett said that just recently it was learned that the final total of this expense for the village came in at $75,000 less than expected and what was budgeted.
Kennett said she understood it was the board’s direction to pay the incentives out of the village’s cash reserves so she conferred with Treasurer Casey Pierce to do that. This payment will not extend the village beyond its means, Kennett also said. The total amount of the payment for the two retired employees comes to $323,115.95.