CL Library Support Groups Kick in $5,000

This showed up as a sponsored post on FaceBook. It appears to be one in a series.

This showed up as a sponsored post on FaceBook. It appears to be one in a series.

The effort to gain support for an advisory referendum supporting a $30 million new library for Crystal Lake got more big money this week.

The following contributions were reported to the Illinois State Board of Elections on Monday:

  • $2,500 – Friend of the Crystal Lake Library, 126 Paddock St., Crystal Lake, IL
  • $2,500 – Crystal Lake Library Foundation, 126 Paddock St., Crystal Lake, IL

The contributions were made the the Crystal Lake Library YES Committee.


Comments

CL Library Support Groups Kick in $5,000 — 15 Comments

  1. OK, early voting has started.

    When will we have access to a sample ballot on the Clarity Elections website?

    That website, btw, does NOT reside in McHenry County but our County Board approved its use by the County Clerk!

  2. Crystal Lake taxpayers owe $44 Million Dollars to pension the City of Crystal Lake pension funds.

    +++++

    The Village of Crystal Lake and the Crystal Lake Public Library is not clearly disclosing the approximately $44 Million that taxpayers currently owe to the Crystal Lake Fire, Crystal Lake Police, and IMRF Pension funds.

    That is $44 Million that should be in the pension funds, but is not.

    That is the unfunded liability.

    The figures are in the Crystal Lake Comprehensive Annual Financial Report.

    ++++++

    IMRF $9,750,453.

    Police $22,486,559

    Fire $11,375,488

    Total $44,612,500

    ++++++

    Select details follow

    Additional details in the CAFR.

    ++++++

    IMRF

    Adobe pdf page 88, document page 50.

    As of December 31, 2014, the most recent actuarial valuation date, the regular plan was 72.99% funded.

    The actuarial accrued liability for benefits was $36,101,180

    and the actuarial value of assets was $26,350,727,

    resulting in an underfunded actuarial accrued liability (UAAL) of $9,750,453.

    The covered payroll for calendar year 2014 (annual payroll of active employees covered by the plan) was $10,821,667

    and the ratio of the UAAL to the covered payroll was 90%.

    +++++++

    Police

    pdf page 89

    document page 51

    For the year ended April 30, 2015, the City’s contribution was 29% of covered payroll. (pdf page 90).

    Next figure is on pdf page 92.

    Net pension liability (approximately the unfunded liability): $22,486,559

    +++++

    Fire

    Net pension liability (approximately the unfunded liability): $11,375,488

    source: pdf page 99

    +++++

    In addition take into account the unfunded liability of the school districts and any other taxing districts on your property tax bill.

    These are called overlapping taxing districts.

    For school districts, that pension contribution is mainly a state responsibility, but:

    – More state contributions to pensions could very well result in hiked taxes, cut services, and / or less money going to the school district in the form of General State Aid (main source of state funding to local school districts) and categorical grants (transportation, special education, etc.).

    – There have been talks of shifting the state pension contribution to the local school districts, since the state contribution is actually on behalf of the school districts, and the end of career salary hikes by school districts hiked the pension and thus the state pension contribution. On the other hand, the state also contributed to the problem as state legislators (State Representatives and Senators) and Governors hiked pension benefits when the pension system (TRS) was already underfunded.

    ++++

  3. lyingjackfranks.com

    A website with facts AND documentation proving Jacko’s allegiance to Mike Madigan and the Chicago political machine.

  4. **When will we have access to a sample ballot on the Clarity Elections website?**

    Not sure where you’re looking, but I just used the precinct finder to find my sample ballot.

  5. Is Jack Franks for the Crystal Lake Library referendum?

    How could he be if thinks Crystal Lake taxes should be cut 10% and the City of Crystal Lake itself is short $44 Million in its pension funds.

    And that doesn’t include the shortfall in the school districts and any other overlapping taxing districts.

    Does Jack Frank know anything about taxes?

  6. And Mark, you do know that you don’t need to make EVERY post about Jack Franks, right?

  7. Try more addresses.

    It doesn’t work.

    +++++++

    If Jack Franks would take the time to inform voters about the financial condition of their taxing districts maybe we wouldn’t need so many posts.

  8. Well that is Great may be more of these rich bleeding hearts will kick in and than they can Lay off the Tax payers for more hand outs…

  9. **Try more addresses. It doesn’t work.**

    Just tried five different addresses.

    It worked for all five.

  10. This Crystal Lake Library advisory bond referendum illustrates the hypocrisy of local taxing districts.

    +++

    As indicated above, Crystal Lake taxpayers owe $44 Million Dollars to the Crystal Lake pension funds.

    That money should be in the pension right now to achieve investment returns.

    Since the money is not in the pension funds earning investment returns, who makes up the investment return shortfall?

    The taxpayer makes up 100% of the shortfall.

    The employee makes up zero percent of the shortfall.

    The retiree makes up zero percent of the shortfall.

    The employee pension does not get cut.

    The retiree pension does not get cut.

    Thanks to one sentence added to the Illinois State constitution on December 15, 1970, pensions benefits can be and were hiked, even if the pension system at the time of the benefit hike is underfunded, which was typically the case.

    Every day that money is not in the pension fund earning investment returns, the taxpayers have to someday contribute more to the pension fund to make up lost investment returns.

    Someday.

    That’s the key word.

    That $44 Million is for services already rendered which past taxpayers should have contributed but did not.

    +++++++

    So now some proponents want a new library.

    But the new library components ignore the pension problem.

    But ignoring the pension problem does not lessen its impact on the taxpayer.

    The taxpayer has a pension problem.

    A $44 Million Dollar Taxpayer IOU to the Pension Fund problem.

    ++++++

    So let’s take a look at the Crystal Lake library website.

    http://www.CrystalLakeLibrary.org

    ++++++

    Here is what the home page says right now.

    Focus on the Future

    Crystal Lake Public Library

    New Library on November 8 ballot – Learn the Facts

    Calculate Your Tax Impact

    Find Your Tax Bill and Calculate your personal investment.

    http://focus.clpl.org

    FAQs

    Read answers to some of the most frequently asked questions about the Advisor Referendum

    http://www.clpl.org/Pages/FAQs.html

    —-

    Take the Tour

    Take a self-guided tour at the library to see a model of the proposed building and challenges with the current building.

    Architects Rendering of New Building

    http://crystallakelibrary.org/Pages/Building-Pictures.html

    ++++++++++++++++

    So what’s the big deal?

    How about a pension calculator?

    So the taxpayer can learn how much per year in taxes it will cost to bring the underfunded pension to 100% pension funding?

    If government can do bond calculators, why don’t they do pension calculators?

    ++++++++

    The next wave in underfunded pension transparency?

    Pension Calculators so taxpayers can calculate how much in taxes they will pay until pensions are 100% funded.

    ++++++++

    As mentioned previously, the village of Crystal Lake and the Crystal Lake Library needs to provide taxpayers with the annual principal, interest, and total payments for the lifetime of the proposed bonds.

    Yesterday a library cheerleader claimed that’s a city responsibility and can’t be done yet.

    BS.

    Total and complete BS.

    The city / library / consultant can provide a calculator so you can calculate your annual property tax payment for proposed library bonds, but can’t calculate the debt service payment schedule from the city to the bondholders?

    That is obviously false.

    Would you buy a car or house or whatever if you didn’t know the annual payment plan for the lifetime of the loan?

    No.

    Don’t vote yes for a bond referendum unless you are provided with the estimated annual bond payment schedule broken into principal, interest, and total payments for the lifetime of the bonds.

    And don’t vote yes for a bond referendum unless you are first provided an annual payment schedule for the amount to fully fund pensions.

    +++++

    Taxpayers are provided a Library Bond Calculator for Proposed bonds, but not a Pension Calculator for the existing Pension IOU.

    That’s the bottom line in Crystal Lake

  11. Then maybe the problem is browser settings, in which they don’t bother to explain, at least on that page.

  12. NOT ENOUGH !

    Already said, this should be like the
    Dole Mansion.

    The supporters need to get their
    Checkbooks out & write
    ALOT Of 6 figure checks ! ! !

    STOP burdening & ‘BESIEGING’ people
    Who CAN’T AFFORD ANOTHER TAX INCREASE !

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