![]() ![]() ![]() The city was ill-prepared for any crisis. Truth in Accounting states that Chicago’s elected officials have repeatedly made financial decisions that have left the city with a debt burden of $38.7 billion.īetween 2019-2020 Chicago received an extra $673 million to offset the financial repercussions of the pandemic, however, Chicago’s elected officials have failed to safely financially recover from the long-lasting effects of the years of financial distress. In 2020, Chicago only had $9.9 billion available to pay $48.6 billion worth of the city’s bills. This report uses nine indicators of financial condition to measure the relative financial performance of Chicago and 12 other major U.S. Overall, Chicago’s finances worsened by $2 billion from the pandemic. Chicago will need to lay off all city workers, police officers, and firefighters for nearly eight years in order to catch up on pension payments alone. Specifically, the city has not funded $33 billion in pension and $2 billion in retiree health care benefits of the $45 billion retirement benefits it has promised. In the city’s fiscal year 2020 audited financial report, data shows that despite COVID-19 related grants the city’s pension and retiree health care debt continued to increase. Although Chicago received financial support from the CARES Act, the city has come out of the pandemic with more debt than before. Personnel can also answer questions regarding City bills. This means that Chicago taxpayers would have to pay an additional $43,700 to get the city out of debt. DecemThe Department of Finance has multiple locations that accept in-person payments. 5 Financial Analyst Salary in Chicago, Illinois - 76,497. Select a state to see data about that stateīased upon the city’s fiscal year 2020, Chicago has a Taxpayer Burden of $43,700. Check out our list of the top 10 major cities in America with the highest average financial. How is this tool different from other resources out there If you want more information about one of the cities youve compared, you can use NerdWallets City. Financial State of Chicago : News : Data-Z ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |