City of Bloomington: Finances

From page 179 of the Annual Financial Report:

Debt per Capita (Citizen)

2012   $1,307.07

2011   $ 1,214.69

2010  $ 1,276.32

Finances getting better?  Yes, but at who’s expense?

From page 180: General Bond Debt

In 2003 bond Debt Outstanding per Capita  $ 325.60

In 2012 bond Debt Outstanding per Capita   $ 887.16

It was as high as $970.18 in 2008, moved down until 2011, then went back up

From page 85:

In 2012 the City issued $7,660,000 General Obligation Bond to pay the early retirement liability to the Illinois Municipal Retirement fund.

Was offering early retirement a good thing?

From page 34 with an explanation of pages 65-66:

Employees can accumulate unpaid vacation and sick pay.  The accumulated debt as of 4/30/12 was $9,872,000

From pages 116-119:  Pensions Funding

Police pensions funded at 58.23%

Firemen pensions funded at 51.38%

Other employees pensions funded at 31.95%

Post employment benefits funded at 0%

The accrued liability for Post employment benefits 5/1/11 was $18,839,491.  Benefits are paid from the general fund instead of set aside in advance.

Much more to come.

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