With a shortfall of $206.6 million, amounting to $8,200 per taxpayer, Evanston earned a “D” grade from Truth in Accounting, according to the group’s analysis of suburban finances.
The city has $117 million in assets and $323.6 million in unpaid bills, the report states.
Evanston earned a “D” because its taxpayer burden – which refers to how much it would cost per taxpayer to pay off the village’s debt – is between $5,000 and $20,000.
"Much of the city's overall debt comes from constitutionally protected pension benefits and retiree health care costs," the analysis concludes "The city has promised $224.1 million in pensions and $14.7 million in other post-employment benefits. However, it hasn’t set aside enough money to adequately fund these obligations."
Truth in Accounting, based in Chicago, analyzes government finances from all U.S. states and produces reports aimed at empowering citizens with accurate data and encouraging government transparency.
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