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.
Officials from several prominent Minnesota-based nonprofit organizations on Monday, Aug. 24, called on U.S. lawmakers to approve additional coronavirus relief funds for states whose finances have been battered by the pandemic.
Sean Wotherspoon spent Saturday night in his Los Angeles home, watching live as his businesses were destroyed.
State and local officials are well aware that they face the most dire fiscal circumstances in decades. They still don't know just how bad it will be.
Our fourth annual report on the financial condition of the nation's 75 largest cities.
“… In order to appear to balance budgets, TIA notes, elected officials 'have not included the true costs of the government in their budget calculations and have pushed costs onto future taxpayers.' … No cities received an 'A' grade. Twelve cities received a 'B;' 24, including the Twin Cities, received a 'C;' 31 a 'D;' and eight failed.”
By the end of Fiscal Year 2017, 63 large cities did not have enough money to pay all of their bills, the report states, meaning debts outweigh revenue.
If you were running a business, how would you figure out how much money you made at the end of the year?
Teachers of many subjects are on the chopping block, including English and Math.
National government watchdog group Truth in Accounting (TIA) gives the state of Minnesota and the Twin Cities a 'D' grade for their financial health.
Taxpayers got soaked again when the National Football League (NFL) picked Minneapolis to host this year's Super Bowl.
The Federal Reserve Bank of Minneapolis has released its final Minneapolis Plan to End Too Big to Fail (TBTF).
A primary recommendation of the Minneapolis Plan is setting a minimum equity capital requirement for covered banks at 23.5 percent. This figure measures equity capital as a share of risk-weighted assets.
Ever since the financial crisis of 2008, academics and policymakers have been trying to prevent such a catastrophe from happening again.
In 2015, Minnesota's public pensions had enough money to cover 80 percent of expected costs. Last year, under national standards, that plummeted to 53 percent. That's closer to Illinois than to well-funded Iowa or South Dakota.