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Monday, January 20, 2020

Analysis: Carbondale Firefighters Pension Fund would go bankrupt in broke years without taxpayer subsidy

Local Government

By Local Labs News Service | May 4, 2018

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Without members and taxpayers subsidizing its revenue, Carbondale Firefighters Pension Fund lost $1,937,396 in 2016, according to a Carbondale Reporter analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $12,554,502 in total assets. If the funds annual losses were the same, it would run out of money in seven years without these subsidies.

The fund lost $305,431 in investment income and other revenue in 2016. At the same time, it paid out $1,631,965 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 $809,742 to the funds revenue last year – an amount that has decreased from $863,138 five years ago. Members contributed an additional $161,057 – $11,121 more than five years ago.

In all, subsidies amounted to $970,799 in 2016.

Carbondale Firefighters Pension Fund non-subsidy revenue over five years
Year
Total non-subsidy revenue
Total expenses
Outcome without subsidies
2016
-$305,431
$1,631,965
-$1,937,396
2015
$724,872
$1,481,865
-$756,993
2014
$834,485
$1,361,505
-$527,020
2013
$831,974
$1,257,938
-$425,964
2012
$339,670
$1,244,627
-$904,957

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Carbondale Firefighters Pension Fund

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