County Taxpayers Owe $108 Billion Toward Local Debt

By Chuck Sudo in News on Jun 22, 2011 2:30PM

Cook County Treasurer Maria Pappas released numbers yesterday that showed Cook County taxpayers owe a cumulative $108 billion in local debt. The average debt load for a Chicago household to the county is $63,525; households in the county suburbs average $32,901.

The numbers, which Pappas said "stunned" her, jibe with similar numbers released over the years by the Civic Federation. "This goes well beyond big cities," she said. "These fiscal problems permeate townships, villages, school districts, park districts, fire protection districts and more, and the taxpayers are on the hook."

Pension and educational liabilities account for much of the debt load, with $25 billion and $20 billion, respectively. the numbers were compiled as a result of a recently passed debt disclosure law Pappas said had never been compiled in this manner.

To make matters worse, Pappas said the actual debt load burdened by taxpayers may be greater than listed. 55 of the county's 553 local units of government failed to report debt figures to her.