By: Diane Benjamin
PDF page 4 https://www.bloomingtonil.gov/home/showpublisheddocument/28699/638052450340400000
Bloomington is projecting General Fund Reserves at the end of the year (4-30-2023) of:
PDF page 469: http://bloomingtonil.iqm2.com/Citizens/FileOpen.aspx?Type=1&ID=1108&Inline=True
In case that number shows up too small to read, the projected General Fund Balance less than a year ago (4-30-2022) was:
That represents an increase in Reserves of:
$10,197,537 in ONE YEAR!
Instead of raising property taxes, Bloomington needs to use the accumulated reserves with the taxes already charged. Every category on PDF page 2 of the first link shows revenues OVER Budget except Utilities Tax because people are ditching home phones.
Bloomington needs to steal from their own pockets instead of yours.
Citizens need to show up and tell them. Affordable housing is a bad joke if property taxes are increased.
One more note from the 4-30-2022 financial statements: PDF page 11 https://www.bloomingtonil.gov/home/showpublisheddocument/28589/638025546330400000
29% reserves? It wasn’t that long ago when the goal was 15% reserves.
I bet you don’t have 29% reserves sitting around. The City of Bloomington needs a reality check. All these massive reserves do is give them money to spend on things that aren’t needed, like a subsidized water park that’s only open a few months a year.
The reserves aren’t restricted, meaning the ARPA funds didn’t create them.
The tax levy vote will be at the next meeting. Bloomington is now on a Christmas schedule, it will be held December 12th.