By: Diane Benjamin The below information is from the Illinois Comptroller website: https://tinyurl.com/w25h7sk9 Start with the Total OPEB Liability. In TWO years it increased 42.86%. What is OPEB? Other Post Employment Benefits, in other word promises to retired employees other than a pension. The Town of Normal pays these costs as incurred. Unlike the private […]
By: Diane Benjamin From the Illinois Comptrollers website: https://illinoiscomptroller.gov/financial-data/local-government-division/local-government-data/processsearchresults/?DisplayMode=GETAFR&AFRDesiredData=Indebtedness&Code=064/095/31&CFY=2020&Menu=Yes&PrintIt=No Bond debt and “Other” = $85,752,874 Note: The Town only paid off $2,205,000 the entire year. Keep in mind NO principal is being paid on some of the loans, just interest. They forgot to say what “other” is: (did the same in 2019 and 2018) Pensions […]
By: Diane Benjamin Below are the same charts I used in the Bloomington Debt story: https://blnnews.com/2019/12/31/bloomington-debt-2/ Liabilities – Government Activities – Due beyond one year: Source 3/31/19 – $183,410,936 3/31/18 – $171,607,747 3/31/17 – 173,618,828 As of March 31, 2019 Source IMRF pension liability : $ 20,832,186 Police pension liability; $ 35,840,310 Fire pension […]
By: Diane Benjamin The charts below are from the Illinois Comptroller’s office – this is information Bloomington reported to them. Government Activity is the column to look at, especially liabilities due beyond one year. Since it is hard to read: Source: Liabilities 2018 – $221,260,896 2017 – $198,984,845 2016 – $216,297,608 What is this HUGE […]
By: Diane Benjamin 1:36:15 – Tim Gleason reports he held a retreat with around 40 department leaders. The theme was: Servant Leadership. Ever heard that from anyone with the City before? I believe Tim Gleason really believes this. Nice. Public Comment at the Bloomington City Council meeting started at 16:00 and received a 20 minute […]
By: Diane Benjamin Bloomington has finally posted the 4/30/19 financial statement. OPEB = Other Post Employment Benefits Both Bloomington and Normal are in more debt now because of pensions and OPEB. Bloomington has almost $231,000,000 in long term debt and growing Normal has more than $186,000,000 in long term debt and growing. Illinois isn’t even […]
By: Diane Benjamin Obviously nothing happened at the Bloomington City Council meeting last night to change the pension spiking policies that have cost taxpayer’s millions. Policies can’t be changed close to an election, so the gravy train for government employees continues. According to the nearly year old financial statements that were just released, employees can […]
