Bloomington Mayor and City Manager announced to the Council that the CAFR (Financial Statement) would NOT be released as required by law on 10/31/2012. This is a misdemeanor offense. Cities do not have the ability to set their own rules!
Shouldn’t rules be applied equally to all citizens? Shouldn’t the entire city council and the city manager be escorted from the chamber by the Bloomington Police Department? They have allowed the city to violate the rule (Illinois statute and local ordinance) requiring the city to publish the Comprehensive Annual Financial Report (CAFR) within 6 months of the close of the fiscal year ending April 30, 2011. There isn’t even a mention on their website stating why the CAFR would be late, how long we have to wait, and for what reasons. Failure to meet this important deadline is intolerable.
It is very troubling the city has failed to produce this key document within the statutory time frame, especially in these economic times. Citizens today are actively engaged and involved in their government. We need accurate, reliable and timely information on where and how our tax dollars were spent, and how much debt the city has amassed. Are they hiding something?
For now, all decisions by the city council on next year’s budget should be put on hold until the Comprehensive Annual Financial Report has been published, and citizens have adequate time to read and evaluate it. Only then can taxpayers have meaningful input into the budgetary process, and let the city council know what fiscal course they want the city to take.