by: Diane Benjamin
2018 is not going to be a good year!
From page 85 of the CAFR (Comprehensive Annual Financial Report)
After re-financing general obligation bonds to a lower interest rate (good thing) and putting off massive principle payments another 2 years (bad thing), the large payments start in 2018:
2013 $5,559,764
2014 $8,677049
2015 $7,994,888
2016 $8,003,434
2017 $6,473032
2018 – 2022 $27,917,657
2023 – 2027 $22,740,807
Does Bloomington have an extra $20,000,000+?
But, that’s not it for 2018:
From Page 104: City is leasing office space with payments as follow:
2013 $ 719,509
2014 $ 719,509
2015 $ 719,509
2016 $ 719,509
2017 $ 719,509
2018 – 2022 $3,029,704
Add another $2.3 million to the needs.
Meanwhile, as previously reported, pensions and retirement benefits aren’t funded. Think taxes won’t be going up?
Previous post:
http://blnnews.com/2013/01/29/city-of-bloomington-finances-2/
But, The Pinball Wizard said things were getting better!
Yeah, but,,,BL City Manager David Hales says we’re doing great! What’s going on? Surely such a nice man wouldn’t fib to us good people.
Believe it or not, this is better! No money for roads, but does that matter?