By: Diane Benjamin
So far I haven’t commented on the financial statements Normal released a few weeks ago. It is much easier to show you facts when the Illinois Comptroller gets around to posting the information in a way it is easier to understand. They finally did today.
Look at the Original Issue Amount – 96,090,000. Most of that debt is Uptown. It is scheduled to be paid off 20 years from now. Meanwhile the interest paid means money isn’t available for things like fixing streets and sewers. Also note only $4,765,000 was paid in principle. In 2019 only $1,600,000 was paid in principle, in 2020 it was $4,205,000. At least it is improving! The site provides a way to flip between years for comparison.
Now look at this chart:
Anybody believe debt payments will quadruple in future years? Remember the majority of the Uptown TIF will be expiring soon which means less money to pay the debt. I predict debt will be re-financed for even longer terms which means throwing away even more money on interest.
Tomorrow I will post about pensions.
The information isn’t easy to find on the Comptroller’s site. This format was created years ago for citizens, too bad it is hidden unless you know where to find it.
Click the drop down box, pick Annual Financial Reports then Search. You can now pick any report for any unit of Illinois government.
Once you find Normal, click Show Me The Data.
Go to the bottom of the screen – pick what information you want to see. You can click between years at the top.