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Watchdog group gives city finances an F

from Crain's Chicago Business

In a report that City Hall won't like much, a Chicago-based watchdog group says hundreds of millions of dollars in recent tax hikes haven't done much to improve Chicago's woeful financial condition—at least so far. Truth in Accounting, a somewhat conservative research group whose board runs the ideological spectrum, gives the city an F on its overall financial breakdown, saying each Chicagoan would be on the hook for $41,700 in unfunded liabilities if the city shut down tomorrow and had to reconcile its books—more than many people make in an entire year. Overall, it concludes that "Chicago finances (are) still in peril." more

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