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.
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.
Our fourth annual report on the financial condition of the nation's 75 largest cities.
When citizens think about where local taxpayer money goes, they often assume it pays for things like public safety, snow removal and trash collection -- routine operating expenses that come with running any big city.
A Jacksonville City Council member wants the city to think of the pension deficit like a credit card: The sooner it's paid it off, the less you pay in interest.
Op-ed by Tom Majdanics, identified at bottom of article as a citizen of Jacksonville, includes “As pension negotiations between the city and public safety unions continue, the unions have claimed that shifting new employees to the state-managed Florida Retirement System would be a fiscally responsible solution for Jacksonville taxpayers. ...
By Ron Littlepage, includes “Those interested in solving Jacksonville’s pension problems should be paying attention to what’s happening in Dallas.
By Christopher Hong, includes "A new financial analysis shows Jacksonville's pension costs for public safety employees could jump $44 million next year, ...
... Here's the full text of the mayor's email ..."
By Nate Monroe and Christopher Wong, includes "Mayor Lenny Curry threw down the gauntlet earlier this month by proposing to eliminate pensions for all future city employees, ...
By Ryan Benk, includes "... Weinberg does not offer any remedies, though.