The Mundelein Committee of the Whole meeting on November 11, 2024, focused primarily on the village's property tax and its implications for the upcoming budget. Village officials highlighted that property tax remains the largest single source of revenue for the village, despite recent trends showing that sales tax has begun to generate more income than property tax for the first time.

The discussion emphasized the importance of understanding the structure of property tax revenue, which is divided into two main categories: the corporate fund, which supports general village operations, and the police and fire pension fund. These funds are levied as separate line items on tax bills, ensuring transparency for residents regarding how their taxes are allocated.

Officials indicated that the board would seek direction on the tax levy during the meeting, with plans to officially pass the levy on December 19, 2024, to comply with year-end requirements. A significant point of discussion was the funding of police and fire pensions, which are entirely supported by this levy. The village has committed to meeting state legislation that mandates pension funds be 90% funded by 2040. An actuary conducts annual evaluations to determine the necessary contributions to meet this goal.

Despite ongoing discussions about potential changes to pension funding legislation, past proposals have not succeeded in the legislature. The meeting underscored the village's commitment to maintaining transparency and fiscal responsibility as it prepares for the upcoming budget cycle.