The fund has $21,605,610 in total assets. If the funds annual losses were the same, it would run out of money in 13 years without these subsidies.
The fund earned $1,161,601 in investment income and other revenue in 2016. At the same time, it paid out $2,900,180 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 $2,096,966 to the funds revenue last year – an amount that has increased from $1,330,584 five years ago. Members contributed an additional $263,295 – $9,146 more than five years ago.
In all, subsidies amounted to $2,360,261 in 2016.
Galesburg Fire Fighters Pension Fund non-subsidy revenue over five years
| Year | Total non-subsidy revenue | Total expenses | Outcome without subsidies |
|---|---|---|---|
| 2016 | $1,161,601 | $2,900,180 | -$1,738,579 |
| 2015 | -$202,371 | $2,789,686 | -$2,992,057 |
| 2014 | $932,548 | $2,680,728 | -$1,748,180 |
| 2013 | $1,606,771 | $2,546,133 | -$939,362 |
| 2012 | $1,448,706 | $2,524,429 | -$1,075,723 |
Alerts Sign-up