Truth in Accounting

Chicago, IL

Click here for the detailed 2021 Financial State of Chicago (Released 2/7/2023)

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 -$41,900, 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 $10.6 billion of assets available to pay bills totaling $48.8 billion.
Because Chicago doesn't have enough money to pay its bills, it has a -$38.2 billion financial hole. To erase this shortfall, each Chicago taxpayer would have to send -$41,900 to the city.
Chicago's reported net position is inflated by $2.3 billion, largely because the city defers recognizing losses incurred when retirement liabilities increase.
The city's financial report was released 180 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

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
On the Brink of Financial Collapse: 10 Cities In Serious Danger of Bankruptcy

JUNE 6, 2023 | MSN | by Ben Rice

"Sobering Statistics 

The study, called Financial State of the Cities 2023, was done by Truth in Accounting. It has some difficult truths: 50 out of 75 cities could not pay their bills; the combined debt for all 75 cities is $267 billion. Moreover, elected officials didn’t include the cost of government in this figure, instead pushing it onto future taxpayers."

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