City of Chicago?s cash cushion plummets, debt triples, arrests drop, water use rises - Chicago Sun-Times

City of Chicago?s cash cushion plummets, debt triples, arrests drop, water use rises - Chicago Sun-Times

"The ?unassigned? balance is $33.4 million. Experts recommend a cash cushion of at least $200 million for a budget the size of Chicago?s, according to the Civic Federation. The city ended 2009 with an unallocated checkbook balance of just $2.7 million.
The new round of borrowing brings Chicago?s total long-term debt to nearly $29 billion. That?s $10,780 for every one of the city?s nearly 2.69 million residents. More than a decade ago, the debt load was $9.6 billion or $3,338 per resident.
Last year, now-retiring City Comptroller Amer Ahmad argued that the city?s debt load was not ?troubling? because, ?We still have a very strong bond rating. Our fiscal position is getting better every year and we are aggressively managing our liabilities and obligations.?

He can no longer say that after the triple-drop in Chicago?s bond rating."
..Meredith was just too early..

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