Bloomington's Finance Director said the City is working efficiently to fund the Police and Fire pension plans.
The Bloomington City Council discussed their plans at a Committee of the Whole meeting Tuesday evening. The Council is aiming for the 100% funding by the year 2040. The Council went beyond the state's minimum payment requirement a few years ago in order for the fund to build interest.
This will help the City avoid bigger sums at the end of the plan.
Finance Director Patti-Lynn Silva said this plan will keep money in the hands of Bloomington residents.
"We're designing it to earn as much interest as possible," said Silva. "That's every time we earn interest that's less money out of the taxpayers' pocket.
Additionally, the new managers at the U.S. Cellular Coliseum are working to become the forefront of entertainment in the community.
That is according to the Coliseum's executive director who also spoke to alderman at the City Council committee meeting.
The City of Bloomington brought in the private company VenuWorks last April to manage the Coliseum. The company has also recently installed new menus, brought in new food choices and is planning concerts and shows for 2017.
Executive Director Lynn Cannon said she believes VenuWorks has given the Coliseum a face-lift. Cannon said she is ready to begin new projects in the building.
"We are here to work with the community," said Cannon. "We're open to all kinds of ideas. If you have something you want to bring to the Coliseum, and see what we can do with it we'd be happy to talk."
The company is currently negotiating with a naming rights sponsor for a possible name change to the Coliseum.
The fund from the sponsor would help offset an operating deficit announced last week.