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 (OPEB) 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.
Method. Net financial position = financial assets (incl. deferred outflows) − total liabilities (incl. deferred inflows), total primary government, from Joliet's 2024 Annual Comprehensive Financial Report. The infrastructure figure restates the audit's accumulated depreciation ($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).
Independent #DoTheMath estimate. Not affiliated with or endorsed by the City of Joliet. Source: City of Joliet ACFR.