By: Diane Benjamin
From the Illinois Comptrollers website: https://illinoiscomptroller.gov/financial-data/local-government-division/local-government-data/processsearchresults/?DisplayMode=GETAFR&AFRDesiredData=Indebtedness&Code=064/095/31&CFY=2020&Menu=Yes&PrintIt=No
Bond debt and “Other” = $85,752,874
Note: The Town only paid off $2,205,000 the entire year. Keep in mind NO principal is being paid on some of the loans, just interest.
They forgot to say what “other” is: (did the same in 2019 and 2018)
Pensions – note the funding percentages, police and fire are in trouble, staff isn’t:
The three bottom numbers need added together: They total $95,892,551.
Keep in mind, the goal is 100% funding by 2040.
One more number needs added to the debt – Other Post Employment Benefits:
That’s another $45,153,369 to add to the debt.
I would hope somebody re-evaluates pensions before the “professional staff” decides to slam residents with high property tax increases. Much of the market has recovered losses that occurred since 3/31/2020.
Passing the Progressive Tax Amendment WILL NOT lower your property taxes. Pensions aren’t going away and only getting worse. The amendment that should have been on the ballot is pension reform.
OPEB debt is paid when incurred.
If Chris Koos is re-elected your debt and taxes will continue to go up. He isn’t done in Uptown. Obviously Uptown isn’t doing anything to lower taxes. He wants the underpass so the other side of the tracks can be developed.