Every year Truth in Accounting’s very own “Blues Brothers” go on a quest for Chicago’s Comprehensive Annual Financial Report. Most recently, in 2019 (The Blues Brothers practiced safe social distancing in 2020) Truth in Accounting’s Blues Brothers roamed the streets of Chicago to find this financial report but the city failed to publish the report on its due date. This tradition started in 2017 and will continue in future years.
As required by state law, Chicago must provide an annual report within six months of the end of the fiscal year. Unfortunately, Chicago continues to miss its June 30th deadline. Sometimes it takes weeks for the city to release the report, as seen in the Blues Brothers’ quest for CAFR. In the last three years, it took more than a week after June 30 to see those financial statements, at least publicly.
According to Data-Z data, it took Chicago roughly 180 days to file its report. The data displayed in this chart is based upon the Letter of Transmittal included in the report, but the city typically back dates this letter.
According to “Bill’s Blog” it has been “four years in a row” that the City of Chicago failed to release financial statements by June, 30th. Although we are nearly five years into this pattern of delayed financial statements, we can only hope that the 2021 Blues Brothers’ quest finds more success than their previous quests in searching for Chicago’s annual financial report.
Follow us on our next quest as the Blues Brothers look for Chicago’s Comprehensive Annual Financial Report in 2021.