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The report was done by Truth In Accounting and highlights how big
cities in the United States perform financially. Chicago finished 74
out of 75 on the TIA list.
According to TIA numbers, Chicago has nearly $11 billion of assets
available to pay bills totaling $48.8 billion, creating a $38.2
billion debt liability, which is about $42,000 per resident.
"We found that the city continues to sink further into debt," TIA
founder Sheila Weinberg told The Center Square. "The largest thing
we found was the risk that most of the cities are putting on their
taxpayers."
Weinberg said the risk comes from Chicago pension system funds being
tied to the stock market.
"It is all of the risk to the taxpayers," Weinberg said. "If the
market goes bad, then the taxpayers are going to be on the hook for
paying for these benefits."
Chicago holds nearly $34 billion in unfunded pension liabilities for
public safety workers such as police officers, firefighters and
other city positions.
Chicago Mayor Lori Lightfoot spoke at the City Club of Chicago this
month and discussed what she characterized as the city's strides in
devoting tax dollars to pay down its pension debt. Lightfoot said
the city had paid $1.3 billion to the pension system during her four
years as mayor.
"We believe in ourselves, and more importantly, we believe in
Chicago, and we are proving it," Lightfoot said. "We have paid down
our debts for pension by $1.3 billion in the last four years."
Chicago could elect a new mayor in the coming weeks. Weinberg said
no matter who is elected, city officials need to be honest with
residents about their financial status.
"They need to focus on telling the public the truth about their
balanced budget, that they do not balance their budgets, they do not
properly fund their pension plans," Weinberg said. "They are just
putting the city taxpayers further and further into debt."
The Chicago primary election will be held on Feb 28.
Andrew Hensel reports on issues in Chicago and
Statewide. He has been with The Center Square News since April of
2021 and was previously with The Joliet Slammers.
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