Normal’s debt

By:  Diane Benjamin

Below are the same charts I used in the Bloomington Debt story:  https://blnnews.com/2019/12/31/bloomington-debt-2/

Liabilities – Government Activities – Due beyond one year:  Source

3/31/19 – $183,410,936

3/31/18 – $171,607,747

3/31/17 – 173,618,828

As of March 31, 2019    Source

IMRF pension liability :  $ 20,832,186

Police pension liability;  $ 35,840,310

Fire pension liability:  $ 25,365,902

Total Pension debt:  $82,038,398

Add the liability for Post Employment Benefits:  29,620,890

Total liability to pay after retirement benefits:  $111,659,288

That means almost 61% of Normal’s debt is to pay people not working. 

Bloomington’s was 70% 

This bonded debt chart is also on the Comptroller’s site:    Source

FUTURE DEBT

Total Pension debt ($111,659,288 ) + Bond Principal Debt  ($59,565,580)

equals $ 171,224,868 of the $183,410,936 total

In the next 14 years Normal is also scheduled to pay $36,579,898 in interest.

As reported in the Bloomington story, instead of fixing pensions the State wants a Progressive Income Tax so taxing you more isn’t a problem.

Just Say No

Normal isn’t done racking up debt.  They still want the underpass and UPTOWN 2.0.  Maybe the new Minister of Propaganda can explain how all this debt will be paid without taking more of your money.

(Think this is why cannabis is legal now?  Stay high or say goodbye?)

See bond details in the Normal financial statements – beginning on PDF page 177  https://normal.org/DocumentCenter/View/15625/CAFR19-FINAL-DOC


March 31, 2019

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March 31, 2018

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March 31, 2017

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4 thoughts on “Normal’s debt

  1. Yikes! It’s a banana republic…with all due respect to bananas. This seems like the perfect time for a couple of senseless taxpayer-funded projects, like a tunnel to save people from walking a few hundred feet and an expansion of the Uptown boondoggle. (Seriously, what property or business in Uptown is NOT dependent on a subsidy from the Town?!) Oh, and any word on the Kathleen Complex? What’s another $40+ million in debt plus interest?! I’m sure the tax revenue from people traveling for youth sports will measure in the hundreds.

    Liked by 1 person

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