By: Diane Benjamin
From Normal’s just issued financial statements as of 3/31/2020:
Note the Long-Term total debt – $224,909,947. It increased more than $25 million in 1 year.
What makes up that debt?
$84,320,000 is bond debt, the IEPA loan doesn’t have interest expense. PDF page 31
Below is a chart showing the biggest drivers of debt:
What is OPEB?
Other Post Employment Benefits. The Town pays expenses when incurred.
Now think how many non-students live in Normal. The total population in 2017 was 54,284. An estimated 20,000 are students. How much of the debt do they pay?
The above is why property taxes are continually increased. Defined benefit pensions are un-affordable, the percent funded crashed earlier this year. The bonded debt, mostly for Uptown, just exacerbates the liabilities.
The wrong Constitutional Amendment is on the November ballot. Pensions need reformed now.
Vote NO – there is nothing in the proposed amendment that states EVERYONE won’t be paying more.
Progressives can never tax enough!