The fund has $24,438,078 in total assets. If the funds annual losses were the same, it would run out of money in 20 years without these subsidies.
The fund earned $1,170,667 in investment income and other revenue in 2016. At the same time, it paid out $2,425,230 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 $1,956,983 to the funds revenue last year – an amount that has increased from $937,749 five years ago. Members contributed an additional $326,120 – $29,204 more than five years ago.
In all, subsidies amounted to $2,283,103 in 2016.
Galesburg Police Pension Fund non-subsidy revenue over five years
| Year | Total non-subsidy revenue | Total expenses | Outcome without subsidies |
|---|---|---|---|
| 2016 | $1,170,667 | $2,425,230 | -$1,254,563 |
| 2015 | -$419,933 | $2,642,391 | -$3,062,324 |
| 2014 | $996,570 | $2,300,258 | -$1,303,688 |
| 2013 | $2,118,520 | $2,185,839 | -$67,319 |
| 2012 | $1,175,201 | $2,065,920 | -$890,719 |
Alerts Sign-up