By: Diane Benjamin
The Town of Normal is pretending pension expenses are mandated by the State and they can’t afford them without raising Property Taxes.
Somehow the Police and Fire pensions have been seriously underfunded for years. IMRF retirements have been funded above the 80% level since 2013, think Mark Peterson’s retirement, while in 2016 Police pensions were at 62.4% and Fire as at 55%.
Does that tell you which employees the Council cares about the most?
If pension funding is going to work at all (which is highly questionable), funds must consistently be paid in so the funds can benefit from investment income.
At the end of FY 2016, the Town reported a total net Police pension liability of $29,793,059
For Fire it was $22,605,786
Now add the Other Post Employment Benefits for Fire: $17,307,385
They reported ZERO OPEB for Police.
That’s a total of almost $70,000,000 the citizens will be forced to pay over time.
Instead of funding pensions from money they already steal, the Town will raise property taxes making it even less affordable to stay in Normal.
See all the data reported to the Comptroller HERE
Besides the pension debt, Normal also has bond debt of $99,974,191 See that number HERE
Maybe the Trustees and Mayor who accused Marc Tiritilli of lying or trying to scare the citizens can explain this.
Looks to me like Marc was more than correct!
He will be proved correct when your property taxes are raised again because the Normal Town Council can’t live within their means.