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Illinois Valley Times

Saturday, November 2, 2024

Analysis: Ottawa Police Pension Fund would go broke in 15 years without taxpayer subsidy

Money 04

Without members and taxpayers subsidizing its revenue, Ottawa Police Pension Fund lost $1,261,868 in 2016, according to a Illinois Valley Times analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $17,897,381 in total assets. If the funds annual losses were the same, it would run out of money in 15 years without these subsidies.

The fund lost $234,098 in investment income and other revenue in 2016. At the same time, it paid out $1,027,770 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 $690,595 to the funds revenue last year – an amount that has increased from $684,883 five years ago. Members contributed an additional $255,453 – $32,212 more than five years ago.

In all, subsidies amounted to $946,048 in 2016.

Ottawa Police Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2016-$234,098$1,027,770-$1,261,868
2015$1,487,683$979,611$508,072
2014$1,234,717$922,222$312,495
2013$1,343,681$838,968$504,713
2012$408,626$785,729-$377,103

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