Truth in Accounting

Chicago, IL

Click here for the detailed 2021 Financial State of Chicago (Released 2/7/2023)

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

 
Chicago owes more than it owns.
Chicago's Taxpayer Burden™ is -$41,900, 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 $10.6 billion of assets available to pay bills totaling $48.8 billion.
Because Chicago doesn't have enough money to pay its bills, it has a -$38.2 billion financial hole. To erase this shortfall, each Chicago taxpayer would have to send -$41,900 to the city.
Chicago's reported net position is inflated by $2.3 billion, largely because the city defers recognizing losses incurred when retirement liabilities increase.
The city's financial report was released 180 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2020 Financial State of Chicago

2020 Chicago Combined Taxpayer Burden

2019 Financial State of Chicago

2019 Chicago Combined Taxpayer Burden

2018 Financial State of Chicago

2018 Chicago Combined Taxpayer Burden

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: City of Chicago Finance Department

IN THE NEWS
A financial watchdog report estimated each taxpayer in Chicago would need to pay $43,100 to settle the city’s debt. It stands at No. 2 for big U.S. cities. Blame city leaders for repeatedly making pension debt worse.

FEBRUARY 4, 2022 | ILLINOIS POLICY INSTITUTE | by Patrick Andriesen

Includes: "The authors gave Chicago the 'F' rating because elected leaders have repeatedly made financial decisions that failed to address the city’s growing debt burden, primarily driven by unfunded pension liabilities. "

VIEW LESS