Every year, the city of Chicago publishes an audited financial report. In recent years, Chicago has introduced its report stating that state law requires it to be published within six months of the end of its fiscal year. Last year, the letter of transmittal for the report was dated June 30, 2014.
This year, as of the morning of July 6th, anyway, the report has yet to appear on the city Finance Department website. This despite the fact that the city’s latest fiscal year ended December 31st, 2014. The same thing happened last year, despite the fact that the letter of transmittal (addressed to the citizens of the city of Chicago) was dated June 30th. (We reported on our effort to obtain the city’s 2014 report on June 30 here.)
Has the 2014 report already been distributed, albeit selectively? One question, among others.
When the new report for 2014 comes out, the first thing I’m going to be looking at is a line item called “Change in Net Assets” on the audited “Statement of Activities.” In the last five years, Chicago has spent over $1 billion more than it took in for general revenues, fees, and grants, on average -- each year. This leads to the large negative amounts reported in the “Change in Net Assets.” This despite the fact that the city claims that state law requires it to produce a balanced budget.
A budget is a planning document. In practice (in Chicago, anyway) it looks more like a rhetorical device, even a propaganda tool.
What do you think the city of Chicago will report for the “Change in Net Position” for 2014? The city’s revenues have been challenged by population trends and outmigration. We shall see -- at least, when they let us.