Analysis: Granite City Police Pension Fund would go broke in seven years without taxpayer subsidy
The fund has $16,348,898 in total assets. If the funds annual losses were the same, it would run out of money in seven years without these subsidies.
The fund lost $393,568 in investment income and other revenue in 2016. At the same time, it paid out $2,270,383 in expenses, according to the 2017 biennial report detailing the health of each of the states pension funds and retirement systems. The difference between the two shows the funds annual loss without subsidies.
Taxpayers added $1,322,316 to the funds revenue last year – an amount that has decreased from $1,430,381 five years ago. Members contributed an additional $402,882 – $18,565 more than five years ago.
In all, subsidies amounted to $1,725,198 in 2016.