Finance

The Town of Normal is in a strong fiscal position, but some indicators raise concerns that future budgeting will become a challenge.

High-cost consumer loans with interest as high as 200% have plummeted since a state law passed in March 2021 put a ceiling on interest rates at 36%.

State Farm posted a net loss of $6.3 billion in 2023, driven largely by a "significant increase" in catastrophe claims by homeowner policyholders, the Bloomington-based company reported Thursday.

A new report on the financial condition of the Town of Normal shows higher fund balances than at this time last year. The increase of close to $3.5 million across all funds comes from increased consumer spending related to growth in the community workforce.

The merger of Bloomington-based Heartland Bank and Trust and Springfield-based Town and Country Bank, announced in August, is part of an ongoing national trend.

The Normal Town Council heard from staff Monday about possible uses for the plaza surrounding the planned $27 million Uptown underpass — including one idea of extending the Children’s Discovery Museum exhibit space across the green area.

After a paltry turnout for a Unit 5-hosted information session on the tax referendum before voters in November, district leaders are hopeful the next two bring more participants. The school district is asking voters to approve an increase in the education fund tax rate, that if approved, could bring in an additional $20.5 million in property tax revenue.

Insurance industry consultants say there are record numbers of unfilled jobs in that part of the business sector. Analyst Greg Jacobson, of the talent search firm The Jacobson Group, said insurance carrier total employment right now is about 1.56 million people, down 85,000 from two years ago.

Town of Normal financial planners said in a report to the town council that fiscal trends are largely positive or stable with only a couple areas of worry. Mayor Chris Koos acknowledged one of those is mandated fire and police pension contributions.

Bloomington will get financial help from the federal government to acquire property for connecting the two sections of Hamilton Road.On Wednesday night,…