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. Of course, Chicago would also have to meet the other eligibility criteria. This probably wasn’t an accident either.
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