Shockingly Bad Fiscal Health of Chicago (and the Financial Engineering Chicago Uses to Hide that Fact)
MishTalk
APRIL 1, 2015
Although most governments are required to balance their budgets on a cash flow basis each fiscal year, a structural budget gap can arise when recurring expenditures are greater than recurring revenues. The judgment won’t be paid off until 2019 at the earliest; by then, the total cost will have grown to $53 million.
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