Illinois taxpayers each owe $38,800 for state’s unpaid bills

By Patrick Andriesen

10/03/2025

Illinois taxpayers in 2024 owed an average of $38,800 each, ranking No. 3 in the U.S. Illinois earned an “F” for fiscal management.

Illinois ranks last in U.S. for financial transparency

By Dylan Sharkey, Charlotte Rotkis

08/12/2025

Illinois was just ranked last in the nation for financial transparency. The state’s chronic delays, audit failures and last-minute budgeting have put taxpayers in the dark and long-term stability at risk.

TAGS: transparency

Chicago Public Schools’ financial crisis can again be fixed by state oversight

By Joe Tabor

11/05/2024

By 1980, financial mismanagement led Chicago Public Schools to lose its ability to borrow money, to miss multiple payrolls and vendor payments, and to drop deep into debt. The state stepped in with a financial oversight authority. It’s time to do that again.

TAGS: CPS: Chicago Public Schools

Each Chicago taxpayer on hook for nearly $42,000 of city debt

By Justin Carlson

02/10/2023

Fiscal watchdog Truth in Accounting found Chicagoans are each responsible for the second-most debt in the nation. It again gave the city an ‘F’ grade despite improvements from one-time federal COVID-19 aid and unusually high pension investment returns.

TAGS: Chicago, debt

Report: More Illinois debt likely following misuse of federal aid money

By Patrick Andriesen

08/23/2022

A Truth in Accounting report argued state authorities should have used billions in federal aid to pay down interest on existing pension debt rather than save it for a rainy day. Experts warn this could lead to more state borrowing.

TAGS: borrowing, credit rating, debt, Truth in Accounting

Chicago’s combined state and local taxpayer debt burden worst in the nation

By Justin Carlson

06/07/2022

Fiscal watchdog Truth in Accounting reports every Chicagoan is on the hook for $135,700 when combining city and state debt.

TAGS: Chicago, tax burden, Truth in Accounting

Chicago’s $43,100 debt per taxpayer driven by pension debt

By Justin Carlson

02/08/2022

Fiscal watchdog Truth in Accounting again gave an ‘F’ grade to Chicago, thanks to high debt driven by unsustainable pension costs. Fixing the problem will take amending the Illinois Constitution.

TAGS: Chicago, debt, pensions

Chicagoans owe $43,100 each to settle city debt

By Patrick Andriesen

02/02/2022

A financial watchdog report estimated each taxpayer in Chicago would need to pay $43,100 to settle the city’s debt. It stands at No. 2 for big U.S. cities. Blame city leaders for repeatedly making pension debt worse.

TAGS: Chicago, debt

Amendment 1 would guarantee Illinois’ sky-high debt, taxes would rise faster

By Adam Schuster, Justin Carlson

01/13/2022

Unfair advantages for public sector unions are already driving Illinois’ massive debt and high taxes. Enshrining their power in the Illinois Constitution would make it worse and give voters less say about government costs.

TAGS: Amendment 1, debt, government unions, Illinois Constitution, taxes

Chicago’s debt grows to $43,700 per taxpayer despite federal COVID-19 aid

By Perry Zhao

08/10/2021

Fiscal watchdog Truth in Accounting’s July 2021 report showed the Windy City’s pension-fueled debt rose by $2.3 billion from 2019 to 2020 despite receiving substantial federal aid during the pandemic.

TAGS: Chicago, COVID-19, debt

Truth in Accounting

Illinois taxpayers each owe $38,800 for state’s unpaid bills

Illinois ranks last in U.S. for financial transparency

Chicago Public Schools’ financial crisis can again be fixed by state oversight

Each Chicago taxpayer on hook for nearly $42,000 of city debt

Report: More Illinois debt likely following misuse of federal aid money

Chicago’s combined state and local taxpayer debt burden worst in the nation

Chicago’s $43,100 debt per taxpayer driven by pension debt

Chicagoans owe $43,100 each to settle city debt

Amendment 1 would guarantee Illinois’ sky-high debt, taxes would rise faster

Chicago’s debt grows to $43,700 per taxpayer despite federal COVID-19 aid

FAQ: How the federal scholarship program would help Illinois students

Report Archive

Diana Graham

Process for unionizing non-state workers raises red flags

CBS Chicago: Illinois’ highest-paid superintendent receives $400K per year to oversee 1,200 students