By: Diane Benjamin
Again this year Bloomington’s finances are on the Illinois Comptroller’s site BEFORE the City gets around to releasing the CAFR (financial statements).
The fiscal year ended 4/30/2020 – almost 6 months ago.
What do they show?
Bond Debt: 47,780,000
IMRF pension debt: 12,821,451
Police Pension Debt: 77,693,023
Fire Pension Debt: 67,382,601
Post employment debt: 15,832,268
Other, not defined: 49,343,830
The IMRF pension fund is 93.4% funded, they don’t mess around. These are also the administrators that required additional funds when employees were allowed to spike their pensions. Do you find it interesting that every employee pension except 1st responders are well funded?
Police pension funding is only at 52.6%, down from 56.8% last year.
Fire pension funding is only at 50.1%, down from 52.8% last year.
The unattainable goal is 100% funded by 2040. Like I’ve said many times, the wrong amendment is on the November 3rd ballot. Fixing pensions should have been instead of raising taxes. 100% funding will never be achieved because market corrections happen while pensioners still get paid meaning the fund never recovers from downturns without MILLIONS more from taxpayers.
In the case of the State of Illinois it’s at least BILLIONS.
See the data here: http://aws.org/H4HHBX
In case you forgot, Normal’s total debt as of 3/31/2020 was $226,798,794. https://blnnews.com/2020/10/05/normal-is/
Between Bloomington and Normal, debt is close to a half a BILLION dollars. Why can’t they work together to streamline government?
Because they don’t want to.
(Still think Public Art is a good idea? Wait until your taxes are raised to pay people not to work.)