Schillerstrom addresses Naperville chamber
DuPage County Board Chairman Bob Schillerstrom delivered his fourth annual "State of DuPage County" address to more than 200 members of the Naperville Area Chamber of Commerce on Monday.
His comments addressed the county's proposed budget and significant developments since his previous keynote last September.
(Submitted/Jeffrey Ross, Naperville Area Chamber of Commerce)
DuPage County is investing in efforts to improve the quality of life and economic vitality of the region, such as investing in the Eola Road interchange with I-88 that will provide congestion relief and incentivize economic development in that part of the county. The interchange is expected to open in the next two months.
The address focused on other significant economic development projects such as Navistar's relocation and consolidation to the currently vacant Lucent building in Lisle. The relocation project in total is expected to bring and retain more than 2,000 jobs for the region, including substantial investments in the Lisle campus.
The proposed relocation "demonstrates that by working together with organizations like Choose DuPage, the private sector and our local community leaders, we can enhance our economic growth and have a positive impact on our economy," Schillerstrom said.
"The county took tough steps last year to prepare themselves for this year's rough times," said chamber president and CEO John Schmitt. "Through the utilization of reserves and other fiscal management tools, we are pleased that the proposed budget continues to invest in transportation infrastructure, work force education and other priorities to enhance our economic vitality."
The address also focused on some of the challenges facing the county, including the liabilities associated with their pension obligations under the Illinois Municipal Retirement System.
"For DuPage County, "IMRF plan assets dropped $68.5 million, or over 19 percent, and its funded liability dropped from 84 to 66 percent," Schillerstrom said.
Numerous other governmental entities, such as the City of Naperville, are struggling with funding their pension obligations following last year's market crash.
"It's certainly the driving factor of the city's financial issues moving forward, and we're pleased to learn that the county believes they can tackle these issues within their five-year budget outlook," Schmitt said.
-- Submitted by Naperville Area Chamber of Commerce
