Truth in Accounting

Chicago, IL

TIA Data

2018 Financial State of Chicago (Released 1/24/2020)

Use Create Your Own City Chart to see additional financial, demographic and economic data for this and other cities

 
Chicago's Taxpayer Burden™ is -$37,100, and it received an "F" from TIA.
Chicago is a Sinkhole City without enough assets to cover its debt.
Decisions by elected officials have created a Taxpayer Burden™, which is each taxpayer's share of city bills after its available assets have been tapped.
TIA's Taxpayer Burden™ measurement incorporates all assets and liabilities, including retirement obligations.
Chicago only has $10.7 billion of assets available to pay bills totaling $45.1 billion.
Because Chicago doesn't have enough money to pay its bills, it has a $34.4 billion financial hole. To erase this shortfall, each Chicago taxpayer would have to send $37,100 to the city.
Chicago's reported net position is understated by $2.4 billion, largely because the city defers recognizing gains resulting from decreases in retirement liabilities.
The city's financial report was released 179 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2017 Financial State of Chicago Public Schools

2017 Financial State of Chicago

2017 Chicago Combined Taxpayer Burden

2016 Financial State of Chicago Public Schools

2016 Financial State of Chicago

2016 Chicago Combined Taxpayer Burden

2015 Financial State of Chicago Public Schools

2015 Financial State of Chicago

2014 Financial State of Chicago Public Schools

2014 Financial State of Chicago

Other Resources

Chicago Comprehensive Annual Financial Reports

Publishing Entity: Finance Department

IN THE NEWS
What went right with the Chicago Laborers’ Fund?

FEBRUARY 18, 2020 | FORBES | by Elizabeth Bauer

“State and local pensions are dangerously underfunded!” “Multiemployer plans are nearly insolvent!” “The birth rate is dropping and there will be no one to support us in our dotage!” Am I starting to sound like a broken record?

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