Quantcast

North Cook News

Thursday, January 9, 2025

Analysis: Buffalo Grove Firefighters Pension Fund would go bankrupt in 10 years without taxpayer subsidy

Adobestock 204335772

Adobe Stock

Adobe Stock

Without members and taxpayers subsidizing its revenue, the Buffalo Grove Firefighters Pension Fund would have lost $5,933,628 in 2018, according to a North Cook News analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $58,098,140 in total assets. If the fund’s annual losses stay the same, it would run out of money in 10 years without these subsidies.

The fund lost $2,917,746 in investment income and other revenue in 2018. At the same time, it paid out $3,015,882 in expenses, according to the 2019 biennial report detailing the health of each of the state’s pension funds and retirement systems. The difference between the two shows the fund’s annual loss without subsidies.

Taxpayers added $1,897,969 to the fund’s revenue last year – an amount that has decreased from $2,168,844 five years ago. Members contributed an additional $533,534 – $31,520 more than five years ago.

In all, subsidies amounted to $2,431,503 in 2018.

Buffalo Grove Firefighters Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018-$2,917,746$3,015,882-$5,933,628
2017$7,601,179$2,601,836$4,999,343
2016$3,415,512$2,267,694$1,147,818
2015$654,645$2,190,028-$1,535,383
2014$3,195,916$1,985,779$1,210,137

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS