Chicago, IL

2016 Financial State of Chicago (Released 1/24/2018)

Chicago's Taxpayer Burden™ is -$45,200, and it received an "F" from TIA.
Chicago is a Sinkhole City without enough assets to cover its debt.
Decisions by elected officials have led to a Taxpayer Burden™, which is each taxpayer's share of city bills after its available assets have been tapped.
TIA's Taxpayer Burden™ measurement accounts for all assets and liabilities, including pension and retiree healthcare debt.
Chicago only has $7.1 billion of assets available to pay bills totaling $47.6 billion.
Because Chicago doesn't have enough money to pay its bills, it has a $40.5 billion financial hole. To erase this shortfall, each Chicago taxpayer would have to send $45,200 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Chicago must report its pension debt on its balance sheet. However, the city still excludes $548.3 million of retirement obligations, which consist entirely of retiree healthcare liabilities. A new accounting standard will be implemented in the 2018 fiscal year that will require governments to report these liabilities on the balance sheet as well.
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: City of Chicago Finance Department

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