By: Diane Benjamin
Normal is pretending pensions can only be funded with property taxes. They choose to fund them with property taxes and have increased property taxes 11 years in a year to fund them.
The goal is to get to 90% funded by 2040. Will they achieve that goal?
Not a chance!
2018 numbers from the new CAFR (financial statements) http://www.normal.org/DocumentCenter/View/14264/CAFR18-FINAL-DOC?bidId=
PDF page 131 – Police pensions are 53.41% funded.
PDF page 132 – Fire pensions are 57.43% funded.
PDF page 133 claims the police fund earned 17.09% in 2018.
PDF page 134 claims the fire fund earned 25.82% in 2018.
Even with those massive investment returns, the total percent funded only increased around 2%. Those returns aren’t sustainable and should make people wonder what they invested in. Crypto currency?
What about previous years?
Numbers don’t lie, especially the ones filed with the State of Illinois: warehouse.IillinoisComptroller.com
Fire pension funding – Note the percent funded, even with tax increases it wasn’t going up:
Even as property tax rates were increased because Normal doesn’t budget pension expenses for Police and Fire, the funding percentage is much lower than 2014.
Citizens should be outraged that Normal has priorities other than pensions so they just raise your ridiculously high property taxes.
More outrage should be coming from the police and fire unions whose members expect to retire someday.
Normal hasn’t added to their Rumor vs Fact page since 2017. Maybe they will now. I can’t wait. http://www.normal.org/1378/Rumor-vs-Fact