By: Diane Benjamin
As of 3/31/18 Normal had total debt of $89,823,286. $88,125,000 won’t be paid off until 2041. Interest rates range from 2.00% to 6.30%.
As of 4/30/18 Bloomington had total debt of $242,010,034. $57,095,000 won’t be paid off until 2035. The interest rates aren’t listed. $173,646,119 is liabilities for pensions and associated post employment benefits (OPEB).
Normal didn’t include pensions and OPEB in their total debt load, add $28,584,994 for those. That brings their total debt to $118,408,280.
The population of Normal is listed as 54,284 – debt is $2,182 for every resident. Source
The population of Bloomington is listed as 77,934 – debt is $3,106 for every resident. Source
If you haven’t used The Warehouse on the Illinois Comptroller’s site, try it: http://warehouse.illinoiscomptroller.com/
Every level of government must submit detailed reports.
The Peoria Fire Department took a $3,000,000 cut in their budget for 2019. The only two rescue squads have been taken out of service, also 18 employees. Peoria had a $6 million deficit. Taxes were also increased. In 2018 they responded to a record number of calls. Source
Peoria population 112,883. Debt is $188.224,060 + $76,523,156 OPEB for a total of $264,747,216. That’s $2,346 for every resident.
Pension funds really want investment income to make up for decades of not properly funding pensions. Obviously this year the markets were little help. I predict pensions funded percentages did not go up even has MILLIONS of dollars were thrown at the funds.
Peoria was forced to make huge cuts to public safety with less debt per citizen than Bloomington.
Bloomington will soon be looking at next year’s budget. It will likely include funding to replace O’Neil pool. It should include firing VenuWorks and not replacing them since history has proven the arena can never break even. How many public safety personnel will Bloomington sacrifice so the budget balances? What taxes will they raise?
Stay tuned. Tari’s “structural deficit” isn’t going away. It is only a “structural deficit” because they refuse to make cuts.
Normal is still pursing a sports complex that will not break even. They are preparing a budget for the year beginning April 1, 2019. Get ready for more debt.