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.
Debt:
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.
Start here: https://illinoiscomptroller.gov/financial-data/local-government-division/local-government-data/
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.
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Thanks Diane for digging into this.
Maybe the couch potato civil servants don’t think of debt as something citizens are beholden to pay for when they approve large purchase.
They just considered it an opportunity!
To raise taxes. Easy peasy!
Wow talk about kicking down the road. It must be a new NFL record.
This comment is interesting, Art. Were you concerned about the debt and kicking the can when you wrote and signed that letter of support for the underpass? I’ve seen the letter in FOIA docs. Your name is at the bottom. Sorry, but you can’t in one hand complain about the debt, and then in other support more of it. I can produce the document if you want.
Look into Normal’s reserve fund…could be used to pay obligations.
That was as of 3/31, might be gone!
Over $223,000.00 in Liabilities. What figure would be accurate to say, “the Town of Normal has this much debt $____________________.”
They have intention of ever paying any of it off.
“Top down. Bottom up. Inside Out.” Cloward & Piven. The strategy is eventual collapse.
ISU kids will pay it 🤣
Should have read
They have No intention of ever paying any of it off.