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.
Includes “The City of Fresno has fared well in its fiscal health with a healthy surplus compared to other U.S. municipalities, a recent financial report shows. According to Truth in Accounting’s 2022 Financial State of the Cities, which surveys the fiscal health of the 75 largest municipalities in the country, Fresno ranked eighth on the chart with a $1,300 surplus per estimated taxpayer. … ”
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 Teri Sforza, includes “It’s a bit like hiding credit card bills under the mattress and declaring that everything’s fine: Cities, a watchdog group says, don’t include the true costs of government in the budgets they present to the public. Into this financial house of mirrors strides Truth in Accounting, a nonprofit, nonpartisan organization devoted to translating inscrutable financial documents into a language everyone can understand.”
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.
A surge of California public workers called CalPERS to check their retirement options as Gov. Gavin Newsom and the state Legislature talked about pay cuts last month, according to call data.
The COVID-19 pandemic is placing severe fiscal pressure on California cities.
Our fourth annual report on the financial condition of the nation's 75 largest cities.
In a victory for taxpayers, the Fresno Superior Court decided in favor of Howard Jarvis Taxpayers Association on Thursday, ruling that special taxes proposed by a voter initiative are not exempt from the state constitution’s two-thirds vote requirement.
The report examined the financial health of 75 of the nation’s largest cities by running them through the fiscal blood test of how much unfunded liability (pension, health-care costs) every municipality is carrying.
According to Truth in Accounting, Fresno has a $2,500 Taxpayer Surplus, a $1,300 increase from the prior year.
The essence of California’s pension crisis was on display last week when the California Public Employees Retirement System made a relativly small change in its amortization policy.
By Tim Sheehan, includes “A new report based on city financial reports nationwide ranks Fresno second among the 50 largest U.S. cities for financial health, in terms of unfunded taxpayer burdens for entitlement liabilities.
There is one notable, seemingly unlikely, exception to California's heavy public pension debts - the city of Fresno.