By: Diane Benjamin
The City of Bloomington’s year end was 4/30/2021. The financial statements have yet to be released. If they were a corporation with investors they would all be fired, but they are government so it’s fine.
Luckily they also have to submit information to the Illinois Comptroller’s office. Bloomington’s information is available there!
These pages are written for citizens in an easy to understand format. 3 years can be compared easily, see the data here: https://bit.ly/3mAw2UF
The only thing still missing are the 3 TIF reports. Stay tuned.
Police pensions made staggering gains in funding. Last year they were 52.4% funded, this year it jumped to 67.4%.
Fire pensions was similar. Last year was 50.1% funded, this year it was 64.9% funded.
All other employees are covered under IMRF. They are overfunded at 101.2%.
All the above can change rapidly if the stock market crashes which it will eventually do, it always does. Taxpayers will be on the hook to make up the difference when it does.
Net pension liability as of 4/30/2021:
Bloomington showed 644 employees, up from 637 in the prior year. (government keeps growing) Both years show 300 part time employees.
The chart below is Indebtedness. Bloomington made a lot of progress paying down debt. There aren’t enough details included to explain what it is and how they accomplished it:
The Financial Statements will likely be presented at the next meeting.