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Chicago's financial realities

from Chicago Tribune

Bravo to Mayor Rahm Emanuel for having the courage to face up to the financial realities of this city. People may complain about increased payments, but these assessments are not new. Accountants have an excellent word for this: “accrued,” that is, incurred but not yet paid. These increases are not for new services but are a recognition that it is time to step up and pay for those services we have already received but not paid. more


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