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Audited financials show Kankakee has positive net position after pension restructuring, city accountant says
Summary
Senior accountant Carlos Marin told the council the city reported a positive governmentwide net position for the first time since 2015 after issuing pension-obligation bonds and steady revenues; councilors credited past sales-tax decisions and debt restructuring.
Senior accountant Carlos Marin presented the City of Kankakee’s audited financial highlights for the fiscal year ending April 30, 2025, telling the council the city reported a positive governmentwide net position for the first time since 2015.
Marin said the improvement followed a combination of actions: issuance of pension-obligation bonds to move pension liabilities to general-obligation debt with predictable payments, receipt of federal ARPA funds that bolstered reserves, and…
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