Chicago

TIA Data

2016 Financial State of Chicago (Released 11/15/2017)

2016 Financial State of Chicago press release 

 
Chicago owes more than it owns.
Chicago's Taxpayer Burden™ is -$41,700, and it received an "F" from TIA.
Chicago is a Sinkhole City without enough assets to cover its debt.
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 both assets and liabilities, not just pension debt.
Chicago only has $7.1 billion of assets available to pay bills totaling $44.5 billion.
Because Chicago doesn't have enough money to pay its bills, it has a $37.4 billion financial hole. To fill it, each Chicago taxpayer would have to send $41,700 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Chicago has to report its pension debt on its balance sheet. However, the city is still hiding $548.3 million of retirement obligations which consist entirely of retiree health care liabilities. A new accounting standard will be implemented in two years that will require governments to report these liabilities on the balance sheet.
The city's financial report was released 181 days after its fiscal year end, which is considered untimely according to the 180 day standard.
 

Prior Years' TIA Data

2015 Financial State of Chicago Public Schools

2015 Financial State of Chicago

2014 Financial State of Chicago Public Schools

2014 Financial State of Chicago

2012 Financial State of Cook County

Other Resources

Chicago Comprehensive Annual Financial Reports

Publishing Entity: Department of Finance

IN THE NEWS
Rahm's big confession -- Quicktake

NOVEMBER 22, 2017 | WIREPOINTS ILLINOIS NEWS

In the Chicago City Council discussion Tuesday about the budget it passed, Mayor Emanuel was asked what the plan is to deal with big looming pension payment spikes. 

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