By: Diane Benjamin
The financial statements and Financial Trend Report aren’t posted on-line yet. They were discussed during the Council meeting last night, for now that’s the only information available.
Below is one of the slides presented. NO council members asked how Revenue is a Significant Concern, but Expenditures are No Concern. Yes, your taxes are going up – this time property taxes. The proverbial comparison to surrounding cities is included – of course Normal isn’t the highest. Cue the green light in the interest of governmental social justice. Citizens everywhere need equal fleecing.
The whining continued over losing $1.2 million from MetroZone and another $300,000 because the State budget takes income tax revenue from every City that charges their own 2% or more Sales Tax. Normal does. I wonder if anybody has considered cutting the tax to see what effect that would have.
The total budget for the Town of Normal this year is $107,133,177.
Losing $1.5 million represents a 1.4% decrease in Revenue. The staff and council had no trouble doubling your sewer and storm water rates. over the next 5 years. They will have no problem increasing your property taxes later this year. Cutting 1.4% won’t be discussed.
Earlier police and fire pensions were presented as a funding problem. The reason given was the interest rates earned was below what was needed. IMRF was presented as being just fine because they are well-managed. Again, that didn’t raise any questions from the Council. Anybody think either the projected rate of return for police and fire is too high or IMRF managers should take over police and fire pensions? Of course, common sense isn’t allowed!
The Financial Trends Report was the only interesting part of the meeting. Hit Play below to watch that presentation.