Does Joliet own more than it owes?
Its net financial position is everything the city owns that's money-like (cash, investments, receivables) minus everything it owes. Below zero means it owes more than it owns.
Unlike a city that looks healthy on paper, Joliet's shortfall is already on the books: about −$1.24 billion, driven mostly by retiree pensions and health care the city has promised but not funded, plus debt, most of it water- and sewer-related. That's roughly −$24,300 per household.
And there's still one big thing the books leave out: what it would cost to fix worn-out roads, pipes, and buildings. Joliet's audit shows about $712M of its infrastructure already used up; restated to today's construction prices, replacing it runs an estimated $1.25–1.6 billion more.
And the city can't simply grow its way out. New development brings its own roads, pipes, and services to maintain, and the incentives used to attract it often divert the new revenue. Why growth isn't a quick fix →
Method. Net financial position = the city's money-like assets (cash, investments, money owed to it) minus everything it owes, for the city as a whole, from Joliet's 2024 Annual Comprehensive Financial Report. The infrastructure figure restates the wear the audit records ($711.6M) to today's construction prices (×1.75–2.25). A deliberately rough range, not a precise number. Per-household figures use ~51,055 Joliet households (U.S. Census, ACS 2024). See the full data & sources.
Independent #DoTheMath estimate. Not affiliated with or endorsed by the City of Joliet. Source: City of Joliet ACFR.