At the end of the fiscal year 2022, 53 cities did not have enough money to pay all of their bills.
This year's report highlights the volatility and risk surrounding pension plan assets and corresponding pension liabilities.
Truth in Accounting has released its sixth annual Financial State of the Cities report.
Despite receiving federal assistance from the CARES Act and other COVID-19 related grants, the majority of cities’ finances worsened. Total debt among the 75 largest U.S. cities amounted to $357 billion at the end of the fiscal year 2020, which was $23.5 billion worse than the last fiscal year.
By Adam Andrzejewski, includes “… Recently, the city council faced a $65 million budget hole last year, but still voted to increase spending by $119 million. They were likely counting on a bailout from the American taxpayer.”
The 2021 Financial State of the Cities (FSOC) surveys the fiscal health of the 75 largest municipalities in the United States. This data is released today by Truth in Accounting (TIA), a think tank that analyzes government financial reporting.
Our fifth annual Financial State of the Cities report. This analysis surveys the fiscal health of the 75 most populated US cities prior to the coronavirus pandemic.
Economists delivered a “sobering” wake-up call to state budget writers Tuesday, painting a bleak picture of revenues in free fall paired with an acute need for a social safety net as the coronavirus crisis rages on, warning it could lead to “human suffering” without a federal bailout.
A lobbyist told The Hill in an interview Tuesday that unless the insurance industry receives a federal bailout, companies intend to raise premiums on Americans due to the effects of the coronavirus outbreak on private employer-based plans—a threat that progressives said only strengthens the case for a single-payer, Medicare for All system.
Government watchdogs are raising concerns about the impact the coronavirus shutdown could have on property taxes, with one sounding a call to re-open businesses as soon as possible, an approach medical experts say could undercut efforts to stop the virus spread.
Take a close look at the chart next to this and tell me you don’t wish you had gone to “work” for the MBTA right out of high school — so that you too could have retired with a full pension at age 41 just like all the cool kids did, and continue to do.
Our fourth annual report on the financial condition of the nation's 75 largest cities.
Conde Nast Traveler (CNT) released its "The Best Cities in the U.S.: 2019 Readers' Choice Awards" this week.
Since higher returns reduce the burden of contributions (on plan sponsors, participants and, ultimately, taxpayers), achieving adequate returns is critical to funding future benefits.
The city predicts that, by the 2050s, more than a third of Lower Manhattan would be at risk from a storm surge.
Under current contribution levels, the retirement fund is forecast to be fully funded in 20 years. At that point, demand for funding from both workers and the MBTA should be half of what it is today.
Even as MBTA riders face a proposed 6.3 percent fare hike, totaling an estimated $32 million, the transit system is already committed to sinking $103 million into the black hole that is the T’s pension system.
U.S. public pension funds are taking on more real estate, and at times some of the riskiest types of property investments, as they try to close their funding gaps.
BRIAN KEYES, the police chief in Chelsea, sounds like a mountain climber with the summit finally in sight.
After vanquishing the so-called millionaires tax, the state’s business groups have an arguably tougher fight on their hands: reining in the expenses of subsidized health care.