Nunda Township Debt Free

Found the following in Supervisor Lee Jennings part of the Fall/Winter edition of the Nunda Township Newsletter:

It is with great pride and sense of accomplishment that I announce that Nunda Township is now Debt Free!

When our Road Commissioner Mike Lesperance and I were elected a little over 3 years ago the township owed a combined debt of almost 3⁄4 of a million dollars.

The Town Fund/General Assistance (GA) Fund had been borrowing money annually to pay its bills.

Now, the Town and GA funds are financially solvent and building much needed reserves.

The Road District, while certainly more financially stable, owed over $600,000 on a Debt Certificate for the construction of the Township Garage.

The Road District also owed approximately $90,000 on vehicles and equipment.

All of our Nunda Township offices have worked very diligently to become Debt Free.

The Supervisor’s office went through every expense and reduced or cut every place possible including reduction in staff.

We also worked with the Assessor’s office to reduce staff costs.

We switched insurance carriers and reconfigured our policy to reduce costs and increase the employee paid portion.

The Road Garage debt was refinanced, knocking nearly $50,000 right off the top.

By accelerating payments that loan was recently paid off (nearly three years early saving tens of thousands of dollars in interest).

The Road District has:updated its fleet of trucks by purchasing newer gently used ones and making sure they are fully reconditioned rather than buying new, they now have their own asphalt paver/crew so only the larger jobs have to be contracted out, a new in-house brine plant that is used to lower salt costs and built larger storage facilities enabling the purchase of salt at lower rates.

Each office has and will continue to do as much work in-house as possible in order to keep costs down.


Comments

Nunda Township Debt Free — 16 Comments

  1. Nunda Township does participate in the Illinois Municipal Retirement Fund (IMRF) pension fund.

    Where on the Nunda Township website is the annual financial report for Nunda Township?

    Annual financial reports / audits typically contain information about the pension fund for the property taxing district.

    Absent that, property taxing districts submit information including pension information to the Illinois Comptroller, which the comptroller reports in its Data Warehouse, which is available to the public.

    ++++++++

    Illinois Comptroller Data Warehouse

    Nunda Township

    View Nunda’s AFR > Click “Show Me The Data” tab

    Scroll down, click “Pension Funds / Retirement Benefits” item

    Actuarial Valuation Date: December 31, 2015

    Reporting Date: March 31, 2016

    Measurement Date: March 31, 2016

    Total Pension Liability: $5,661,103 (estimated amount actuary calculates should be in the pension fund to pay future pensions.

    Plan Fiduciary Net Position: $5,278,710 (amount that is in the fund)

    Net Pension Liability: $382,393 (amount that should be in the fund, but is not, given actuarial projections)

    Plan Fiduciary Net Position as a Percentage of Total Pension Liability: 93.2% (percent funded)

    Net Pension Obligation / Net OPEB Obligation: $382,393 (amount that should be in the fund, but is not, given actuarial projections)

    ++++++

    OPEB is other post employment benefits, which is typically retiree healthcare.

    Apparently Nunda Township has no OPEB / retiree healthcare plan.

    ++++++

    The unfunded pension amount is typically technically referred to as a liability not debt.

    From the taxpayers perspective, the taxpayers owe the unfunded liability amount to the pension fund, so the unfunded liability should be clearly disclosed to taxpayers when a property taxing district mentions debt.

    ++++++

    The biggest financial problem taxpayers face in this state is underfunded pensions.

  2. Net pension liability is the same or very close to the same as unfunded liability.

  3. But when are Nunda Taxpayers ever going to be free of the useless taxing body called Nunda Township???!!!

    My Nunda tax bills scream:

    WASTE!

    Oppression!

  4. Re: “My Nunda tax bills scream: WASTE! Oppression!”

    Want to give their functions to the County?

    County Board members don’t even know how the property tax system works.

    Nunda Road District employees are paid how much per hour?

    Receive what benefits?

    Compare them to the inflated union wages at the County.

    I do agree that NO elected official should get any form of pension or healthcare benefit.

  5. It’s a shame use of Gov Newsletters for personal gain happens so often around election time.

  6. Yes, by all means, let’s follow “Old Man Winter’s” advice and give budget-balanced, non-union Townships’ functions to our Unionized, debt-ridden municipalities.

    It’s the solution any true Liberal would agree with…

  7. I actually appreciate the newsletter from Nunda.

    It’s informative and provides me a sense of how my tax dollars are being managed.

    Frankly, I can’t remember whether it came before or after the election, but it doesn’t matter.

    I’m with Questioning, much preferring more local control than entrusting our weak county board to the stewards.

  8. The election primary is coming up early next year.
    Reg election in April.

    Actually good info in the newsletter, just the timing is questionable.

  9. As of March 31, 2016, Nunda township owed $382,393 to the IMRF pension fund.

    That was the amount of the unfunded liability that was required to bring the pension fund to 100% funded.

    That was not included in the newsletter.

  10. And so our TAXES Continue to be higher than all others!

    No reprieve for you Nunda tax payers….

    we just wlll keep lowering your property values and raising mulitpliers so you pay pay paymore more more…

  11. Is this campaign literature?

    If this was in a township newsletter Jennings should consider resigning and hiring a lawyer.

    Use of township funds for political activities is not legal.

    If it is a township mailing he could have at least been honest and acknowledged that he helped build the debt and create a really bad financial situation when he was a trustee.

  12. Hey Robert Williams ……. you must be a Township hack!!!!

    I never said eliminate townships so unions can steal more.

    Getting rid of useless layers of ‘government’ must start somewhere!

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