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The fund has $22,186,052 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 $1,234,319 in investment income and other revenue in 2018. At the same time, it paid out $2,953,190 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 $2,389,691 to the fund’s revenue last year – an amount that has increased from $1,600,784 five years ago. Members contributed an additional $276,331 – $18,957 more than five years ago.
In all, subsidies amounted to $2,666,022 in 2018.
Galesburg Fire Fighters Pension Fund non-subsidy revenue over five years
| Year | Total non-subsidy revenue | Total expenses | Outcome without subsidies |
|---|---|---|---|
| 2018 | -$1,234,319 | $2,953,190 | -$4,187,509 |
| 2017 | $2,597,852 | $2,890,622 | -$292,770 |
| 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 |
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