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The fund has $25,557,721 in total assets. If the fund’s annual losses stay the same, it would run out of money in six years without these subsidies.
The fund lost $1,608,006 in investment income and other revenue in 2018. At the same time, it paid out $2,826,869 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 $2,199,249 to the fund’s revenue last year – an amount that has increased from $1,432,332 five years ago. Members contributed an additional $357,688 – $43,450 more than five years ago.
In all, subsidies amounted to $2,556,937 in 2018.
Galesburg Police Pension Fund non-subsidy revenue over five years
| Year | Total non-subsidy revenue | Total expenses | Outcome without subsidies |
|---|---|---|---|
| 2018 | -$1,608,006 | $2,826,869 | -$4,434,875 |
| 2017 | $2,748,343 | $2,624,854 | $123,489 |
| 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 |
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