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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 consistent revenue performance in charges for services and taxes. "This is the first time since 2015 that [the city] has a positive net position," Marin said, describing net position as similar to homeowners’ equity where assets exceed liabilities.
Council members noted policy moves that contributed to the result: a supplemental sales tax enacted in 2017 dedicated to pension payments, the city’s issuance of pension-obligation bonds in 2022 and 2024, and multi-year budget discipline. Mayor Curtis and other members praised the finance and controller teams for improved reporting and transparency.
Marin also reviewed fund-level details, noting that operating grants (including ARPA) have been declining and that property-tax revenue remains a steady source. He cautioned that while the city’s net position improved, ongoing expense pressures and diminishing one-time federal funds mean future budgets will need attention.
The presentation material (an annual comprehensive financial report, or ACFR) was distributed to council members and is available on the city’s website for detailed tables and notes; Marin said the financial section and notes provide the source figures and the MD&A (management discussion and analysis) overview that he summarized to council.
The council did not take formal action on the presentation; members asked questions about the drivers of the improved position and the reliability of revenue assumptions going forward.
