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McHenry Times

Thursday, November 21, 2024

Analysis: Fox Lake FPD Firefighter's Pension Fund would go bankrupt in 63 years without taxpayer subsidy

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Without members and taxpayers subsidizing its revenue, the Fox Lake FPD Firefighter's Pension Fund would have lost $27,217 in 2018, according to a McHenry Times analysis of the latest data reported to the Illinois Department of Insurance Pension Division.

The fund has $1,694,370 in total assets. If the fund’s annual losses stay the same, it would run out of money in 63 years without these subsidies.

The fund earned $5,678 in investment income and other revenue in 2018. At the same time, it paid out $32,895 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 $281,361 to the fund’s revenue last year – an amount that has increased from $165,000 five years ago. Members contributed an additional $70,178 – $34,625 more than five years ago.

In all, subsidies amounted to $351,539 in 2018.

Fox Lake FPD Firefighter's Pension Fund non-subsidy revenue over five years
YearTotal non-subsidy revenueTotal expensesOutcome without subsidies
2018$5,678$32,895-$27,217
2017$21,502$12,337$9,165
2016$24,861$6,436$18,425
2015$20,480$6,089$14,391
2014$7,293$4,379$2,914

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