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 Bruce Murphy, includes “Over the past decade, the county has eliminated more than 1,000 jobs, and cut back its office spaces and facilities by three million square feet … The county may also have problems keeping up with the maintenance of county highways it is responsible for … The county’s financial problems could eventually force it to liquidate assets, the WPF warned … ”

Includes “Mayor Tom Barrett unveiled what was expected to be his final city budget Tuesday morning. ‘Change is likely to come to city government,’ he said before the Common Council. After 17 years as mayor, President Joe Biden has nominated Barrett to serve as U.S. ambassador to Luxembourg. Barrett's budget is filled with dire warnings.”

By Jay Miller, includes “Memo to state legislators: We are at the start of another school year, and Milwaukee Public Schools continues to founder. It is of the utmost urgency that you do two things. 1) Dismantle the Milwaukee School Board, which continues to be in thrall to the Milwaukee Teachers’ Education Association and is receiving $800 million in additional federal dollars."

By Andy Castillo, includes “The pension gap is a driving up overall debt held by cities across the nation. … ‘At the end of the fiscal year 2019, 62 cities did not have enough money to pay all their bills. This means that to balance the budget, elected officials did not include the true costs of the government in their budget calculations and have pushed costs onto future …”

Reuters story, includes “The DOJ and Allianz declined to comment on the nature of the investigation, which could lead to criminal charges. The [SEC] launched a probe into the demise of the funds last year, Allianz disclosed after the Arkansas Teacher Retirement System filed a lawsuit in July 2020 seeking $774 million in damages.”

By Andrea Riquier, includes “… It’s not unusual for a state legislature to set limits on what cities can do. In the American system of federalism, cities are subsidiaries of the state, and plenty of states have restrictions in place similar to the one Barrett struggles with. But the issue, sometimes called ‘pre-emption,’ is getting more attention as some statehouse moves are increasingly seen as being motivated by politics, or even a racial enmity. …”

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. 

The thing about tipping points is that you never quite know where they are until you, well, tip.

For 43 Wisconsin Republican lawmakers, the urge to bash Illinois and go on record against bailouts for state governments during the coronavirus pandemic was just too good to pass up.

It's finally now time for public pension funds and their sponsoring employers to make lemonade from lemons. The market value of public pension stock portfolios has shrunk dramatically in the shadows of the COVID-19 crisis, coupled with the recessionary impact of the Saudi-Russian oil price war. Stock indexes are down 35% or more from their peaks just earlier this year, in a dramatic sell-off.

In recent years, municipal government finances have become more transparent due to requirements that agencies disclose pension and other paid benefits on balance sheets, the TIA study said.

Our fourth annual report on the financial condition of the nation's 75 largest cities. 

Rising pension costs were the major concern raised by Milwaukee Mayor Tom Barrett in his 2020 budget address before the Common Council on Tuesday morning. He called the current situation “untenable."

A Milwaukee man who has been among leaders of a movement to secure government help for troubled pension plans urged members of Congress Wednesday to “think, pray and do what’s right” for retirees threatened with loss of much of their pensions.

When it comes to addressing the nation’s water infrastructure crisis, cities and towns are ground zero.