CHICAGO – The fiscal condition of the pension systems in Chicago, Cook County, and five other local governments deteriorated by $4.6 billion in 2011, bringing their collective unfunded obligations to $32 billion, according to a local government watchdog organization’s newly released annual review.

The grim analysis offered Tuesday by the Civic Federation of Chicago, which tracks the finances of Chicago area local governments and the state, warns of the heavy strain those obligations pose to local government balance sheets if pensions aren’t reformed.

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