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Chicago on the hook for $24B net, triple a year ago

from Crain's Chicago Business

The city's reported net liabilities more than tripled last year, soaring to a stunning $23.8 billion, pushed up by new accounting rules that require City Hall to be more transparent in its public balance sheet. That's the bottom line of the city's new comprehensive financial statement for 2015 that was released, a document that also indicates City Hall actually is beginning to dig out of a mountain of accumulated pension debt but starkly underlines just how high that mountain had become. more

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