After Fox River Grove sent out its press release about being debt-free, Mark did the research on what Woodstock area taxpayers have in public debt:
Pension Fund Unfunded Liabilities (Net Pension Liabilities):
- City of Woodstock, IMRF Regular: $8,067,929
- City of Woodstock, IMRF SLEP: $22,185
- City of Woodstock, Downstate Police: $14,383,455
City of Woodstock total: $22,473,569.
Woodstock Fire Rescue District, Downstate Fire: $16,111,360.
- City of Woodstock, Comprehensive Annual Financial Report (CAFR), for the year ended April 30, 2019.
- Woodstock Fire Rescue District, Annual Financial Report (AFR), for the year ended April 30, 2019.
The Woodstock Fire Rescue District has different boundaries than the City of Woodstock.
This is evident in the “Taxcode Detail within District Report” available on the County Clerk website.
A chronic unfunded pension liability is a Ponzi scheme, meaning the previous contributions are not adequate to cover future payouts for service already rendered.