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East Central Reporter

Saturday, November 23, 2024

Analysis: Flora Police Pension Fund would go broke in 17 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, Flora Police Pension Fund lost $306,972 in 2016, according to a East Central Reporter analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $5,181,964 in total assets. If the funds annual losses were the same, it would run out of money in 17 years without these subsidies.

The fund earned $9,398 in investment income and other revenue in 2016. At the same time, it paid out $316,370 in expenses, according to the 2017 biennial report detailing the health of each of the states pension funds and retirement systems. The difference between the two shows the funds annual loss without subsidies.

Taxpayers added $258,122 to the funds revenue last year – an amount that has increased from $207,219 five years ago. Members contributed an additional $71,979 – $10,210 more than five years ago.

In all, subsidies amounted to $330,101 in 2016.

Flora Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016$9,398$316,370-$306,972
2015$280,021$335,575-$55,554
2014$165,047$386,977-$221,930
2013$484,872$331,817$153,055
2012$283,680$321,885-$38,205

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