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 Robert Montoya, includes “Q. Truth in Accounting found Fort Worth to be a sinkhole city, meaning it would need $9,400 more per taxpayer to pay all of its debts. They found most of the problems stem from growing unfunded retirement obligations. ”
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.
Plano, Texas, ranks fifth-best in the 4th annual "Financial State of the Cities” report published by the nonprofit financial watchdog Truth in Accounting (TIA).
Our fourth annual report on the financial condition of the nation's 75 largest cities.
Last September, Reason Foundation’s Pension Integrity Project reported on the challenges facing Fort Worth’s struggling public pension plan. On Dec. 11, after years of seeking a compromise palatable to all stakeholders, the Fort Worth City Council passed a significant proposal for reform.
A hit in Fort Worth’s bond rating, largely due to rising pension liabilities, means taxpayers could take it on the chin on future loans.
US cities and states face a “looming crisis” after the collective funding hole in the public pension system jumped by $434bn in just one year, raising fears of further Detroit-style bankruptcies.
By Mike Shedlock, includes "... The person who emailed the above link wishes to remain anonymous, and offers this comment: "Missing from the report are all the vacation hours the employees have stashed away.