Truth in Accounting

Chicago, IL

TIA Data

2022 Financial State of Chicago (Released 1/15/2024)

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 -$42,900, 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 $13 billion of assets available to pay bills totaling $51.4 billion.
Because Chicago doesn't have enough money to pay its bills, it has a -$38.4 billion financial hole. To erase this shortfall, each Chicago taxpayer would have to send -$42,900 to the city.
Chicago's reported net position is inflated by $1.8 billion, largely because the city defers recognizing losses incurred when retirement liabilities increase.
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

2021 Financial State of Chicago

2021 Chicago Combined Taxpayer Burden

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 Annual Comprehensive Financial Reports

Publishing Entity: City of Chicago Finance Department

IN THE NEWS
Jeanne Ives: 'There's no place like Chicago!'

AUGUST 20, 2024 | PRAIRIE STATE WIRE

According to Ives, she cited a report from Truth In Accounting to note that every taxpayer in Chicago would have to pay $42,900 to pay off the city’s debt. She also urged Democrats to "spend big in Chicago, where the sales tax rate is 10.25%, and don’t forget to visit the pot shops where sales taxes can exceed 30% on some products!"

VIEW LESS