With a shortfall of $27.8 million, amounting to $7,500 per taxpayer, River Forest earned a “D” grade from Truth in Accounting, according to the group’s analysis of suburban finances.
The village has $21.5 million in assets and $49.3 million in unpaid bills, the report states.
River Forest 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.
"Most of the village's overall debt comes from constitutionally protected pension benefits and retiree health care costs," the analysis concludes. "The village has promised $39.3 million in pensions and $4.8 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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