At the end of the fiscal year 2022, 53 cities did not have enough money to pay all of their bills.
"Moody's Investors Service upgraded Detroit's bond rating again , getting the city one step closer to a major milestone in its financial recovery after falling into bankruptcy a decade ago."
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 Jill Goldsmith, includes “The winning entry explores the decline of the American manufacturing city culminating in the largest municipal bankruptcy in U.S. history in 2013 and its aftermath.”
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.
Beaumont Health paid its chief executive a $2.6 million bonus weeks before the state'slargest hospital system turned to the federal government for a financial bailout.
An accused co-conspirator called it an “unholy alliance” — dealings between a longtime Ohio politician seeking to restore his power and an energy company in desperate need of a billion-dollar bailout to rescue two nuclear plants in the state.
It was a long road getting Detroit out of a financial abyss. The city endured the largest municipal bankruptcy in American history after decades of decline, and as the city began to recover, a global health emergency burned through the streets.
Corey Shelton, an eighth grade science teacher in Jackson, Michigan, has earned a pension after more than 20 years on the job, but now he’s concerned that the economic devastation from the coronavirus pandemic will threaten the monthly checks he’s been counting on to fund his retirement.
An annual study by national financial watchdog Truth in Accounting (TIA) found that many of the states that are now crowing the loudest for a federal bailout during the pandemic are among the states that are performing the poorest.
Blue State governors are up in arms about the prospects that the corona pandemic and their own mismanagement might force their states into bankruptcy.
Courts in municipal bankruptcy cases have confronted the inherent vagueness in the statutory tests for municipal “insolvency” by embracing a test of “service delivery insolvency."
It's not as simple as you might think
Our fourth annual report on the financial condition of the nation's 75 largest cities.
Detroit overtaxed homeowners by at least $600 million after it failed to accurately bring down property values in the years following the Great Recession, according to an investigation by The Detroit News.
Detroit famously declared itself bankrupt in 2013, but it’s by no means alone. While not very common, cities, townsand counties can file Chapter 9 Bankruptcy when unable to pay their bills.
A pension is a promise of a secure retirement. But too often in Lansing, they’re viewed as piggy banks to be broken into for political purposes.