Chicago Public Schools officials had an opportunity to enact serious reforms addressing the district’s dire financial condition, but they instead opted to further burden Chicago taxpayers without offering any change.

A new Chicago financial report shows the city’s total unfunded liabilities have jumped by over $17 billion, growing to nearly $24 billion in 2015 from $6.5 billion in 2014.

The average single-family home in Chicago will see a $400 increase in property taxes. And property-tax revenues for the city of Chicago will top $1 billion for the first time in city history.

Major ratings agencies have assigned a negative outlook to Illinois. To move forward, the state can’t pass just any budget – especially one that’s $7 billion out-of-whack – to get beyond its crisis. With today’s fiscal stress, a bad budget is worse than no budget. A budget without reforms will only allow Illinois’ debt to continue to spiral, putting investors – and more importantly, Illinois residents – at risk.