(The Center Square) – Chicago finished fiscal year 2024 with a $41.1 billion gap between the money it has available to pay bills and the obligations it owes, according to a new report from Truth in Accounting, placing the city among the worst financially managed major cities in the nation.
The nonprofit’s Financial State of the Cities 2026 report analyzed the five largest U.S. cities using audited financial statements. Chicago earned an “F” grade and a taxpayer burden of $42,600 per taxpayer.
Only New York City ranked worse, though Truth in Accounting CEO Sheila Weinberg said Chicago’s finances appear stronger than they are because key entities like Chicago Public Schools and the park district are excluded from the city’s reports…