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 $326 million budget stabilization fund was exhausted by 2010. It is not a balance sheet test, but a cash flow test.
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