With a shortfall of $146.6 million, amounting to $8,500 per taxpayer, Oak Park earned a “D” grade from Truth in Accounting, according to the group’s analysis of suburban Cook County finances.
The village has $91 million in assets and $237.7 million in unpaid bills, the report states.
Oak Park 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. “Of the $392.6 million of retirement benefits promised, the village has not funded $175.3 million of pension benefits and $10.4 million of retiree health care benefits."
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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