Truth in Accounting
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Truth in Accounting News
The Municipal Employees' Annuity and Benefit Fund of Chicago will run out of money by the year 2024, according to a model developed by actuary Mary Pat Campbell.
Two California appeals court rulings that public employee pensions may be changed so long as the changes are "reasonable" will probably not cause ripple effects in Illinois despite its need for some kind of financial miracle, a government watchdog researcher said recently.
While much of the nation knows all about Chicago's shocking murder rate and economic struggles, the Chicago Public Schools (CPS) recently released its annual financial report that indicates a dramatic divergence of enrollment and costs, with the former plummeting over the past decade and the latter skyrocketing.
Expenditures by the city of Chicago over the past few years have risen into the billions, including a 50 percent increase in 2014 to 2015 in interest expense, according to Truth in Accounting.