The debt load of every taxpayer in Chicago continues to swell as lawmakers across the city have shown no progress in trimming the massive deficits that have led a fiscal watchdog group to give the city a failing grade in its latest annual financial report.
The City of Chicago is more than $34 billion in debt, with each taxpayer theoretically on the hook for more than $38,000, according to a Truth in Accounting (TIA) annual report on the city's fiscal crisis.
Bill Bergman, director of research for government watchdog organization Truth In Accounting, is at a loss as to why the release of Illinois' 2018 Comprehensive Annual Financial Report (CAFR) is more than six months overdue.
When including underlying public agencies such as school districts and transit authorities, Chicago bears the highest per-taxpayer debt burden of any of the 10 most populous cities in the U.S., according to research released today by Truth in Accounting (TIA).
Illinois received a score of 72 on making key financial information accessible and understandable to the public, according to a new report from Truth in Accounting (TIA), a Chicago-based policy institute.
The City of Chicago has for years missed a state-mandated deadline to publish its annual Comprehensive Annual Financial Report (CAFR) because no one calls them on it, a researcher for a fiscal advocacy group said during a recent interview.
Chicago’s police pension bailout in the General Assembly's budget deal this summer could be derailed if the state continues to empty out as Illinoisans flee for better tax climates and opportunities elsewhere, a researcher for a fiscal advocacy group said.
Illinoisans are sinking under mounting state debt, and the future doesn't hold any hope for a lifeline, the founder of the non-profit Truth in Accounting said on "Chicago's Morning Answer" radio show recently.
The actuarial valuation of Chicago’s Municipal Employees’ Annuity and Benefit Fund (MEABF) paints a bleak future for the fund, even taking into consideration a proposed water and sewer tax from Mayor Rahm Emanuel, according to a recent report from Truth in Accounting.
The Fraternal Order of Police Lodge No. 7, the Chicago Police Department union, responded to projections estimating the Policemen’s Annuity and Benefit Fund of Chicago will require a taxpayer bailout to pay for retiree benefits in four years.
Officials in Springfield and around the country are talking about a “pension cliff” and trying to determine what will happen as large numbers of educators become fully vested in school district pension benefit systems.