CHICAGO — Accompanying his announcement last week that Chicago faces a $635.7 million gap in its next budget, freshman Mayor Rahm Emanuel also released a 54-page report that lays bare the city’s stark fiscal woes in plain English for all eyes, from the voting public to investors and analysts.

The report — dubbed the Annual Financial Analysis for 2011 — presents an overview of city revenues, spending, and an examination of key areas affecting its fiscal health. They include the city’s asset lease and reserve funds, capital investments, tax-increment financing, debt load, and pension funding. It’s the first of what’s intended to be an annual exercise.

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