by:  Diane Benjamin

During a discussion of the future needs of the City at the Administration and Finance Committee held on August 5th, the following was presented by the Finance Director, Ms. Silva.  As usual, Alderman Fazzini lives in a world of bubbles and candy where everything is wonderful and the City needs to spend spend spend.

http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=5650

Alderman Fazzini recommended that under Strengths – Stable Economy, the term growing community should be added.

Ms. Silva addressed offsetting concerns. There were three (3) points: 1.) pension concerns; 2.) State Farm concentration; and 3.) capital needs. Items listed under pension concerns included low funding ratio/high unfunded liability and undue future financial pressure. Items listed under State Farm included major employer & tax base contributor, instability would present budgetary pressures. Items listed under capital needs included uncertainty, how to meet the needs – issue debt, raise revenue or combination thereof.

If the City of Bloomington is discussing at a meeting the effect of “State Farm concentration” on the City’s future needs, who isn’t telling you the truth about how many employees State Farm will have locally 5-10 years from now?

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