Illinois’ tardiness with its ACFR is part of why Truth in Accounting graded it an ‘F’ in its most recent Financial State of States. From that report:

Truth in Accounting believes the California wildfires are a horrific tragedy that highlights the real-life impact of public policy. As a nonpartisan organization, we look at the numbers. But as people, we see the human toll, and our hearts go out to the people's suffering.

If the city is ever going to get its finances on track, it must avoid its long tradition of using one-time solutions and postponing tough financial decisions, such as paying off debt and cutting costs. Chicago’s debt sits at $40,600 per taxpayer, according to Truth in Accounting.

Like private banks, a publicly owned bank has the ability to create money in the form of bank credit on its books, and it has access to very low interest rates. But the business model of private banks requires them to take advantage of these low rates to extract as much debt service as the market will bear for the benefit of the bank’s private investors. A public bank can pass low rates on to local residents and businesses. It can also recapture the interest on local government projects, making them substantially cheaper than when funded through the bond market.

The BND’s profits belong to the citizens and are generated without taxation, lowering tax rates.On Oct. 2, 2024, Truth in Accounting’s annual Financial State of the States report rated North Dakota #1 in fiscal health, with a budget surplus per taxpayer of $55,600.

The burden of debt and public pensions could soon push Chicago into bankruptcy.

Sheila Weinberg the founder and CEO of Truth in Accounting, a nonprofit based in Illinois that examines government finances and pension funds, said “it’s not going to be pretty” for the county to get out of this situation.

“There’s really only two options,” she said. “Raise taxes or cut benefits.”

The 15th annual Financial State of the States report compiled by Truth in Accounting and the report shows 27 states did not have enough money to pay their bills.

However, North Dakota finished No. 1 of all 50 states with an “A” grade and Minnesota was ranked 11th with a “B” grade.

The 144-page final report provides a comprehensive analysis of the fiscal health of all 50 states.

Net pension liabilities and direct debt are both causes of the taxpayer burden, along with a lack of net assets to pay off liabilities. According to a presentation from Truth in Accounting, the per-capita taxpayer burden in 2023 was $13,400.

'Outnumbered' reacts to Chicago residents erupting at a city council meeting over the city's sanctuary policies prioritizing illegal immigrants over citizens.

Earlier this year, Truth in Accounting graded Milwaukee with a “D” for its financial position as it owed $15,300 per taxpayer for its obligations. Any city with an average taxpayer burden of between $5,000 and $20,000 was graded with a “D.”

In 2023, the Milwaukee pension system reported $545.9 million in net investment income and $203.7 million in total contributions as it paid pension benefits of $466.6 million with $8 million in administrative expenses.