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: "Nashville ranked 68th out of the 75 largest cities in the U.S. in total debt per taxpayer, according to Truth in Accounting’s new Financial State of the Cities report. ... Nashville taxpayers have a burden of $19,800 per taxpayer, and Memphis had a burden of $4,800 per taxpayer.
Includes: "Nashville has around $12.5 million left of its second round of federal COVID-19 relief money, which is known as American Relief funds or ARP. The city is expecting another $129.5 million this summer. ... The federal government emphasizes that this money is temporary and shouldn’t be used to create new programs or add-ons. "
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 Steven Malanga, includes “Nashville’s budget woes predate the pandemic: the city began borrowing money to cover deficits after the Great Recession of 2008–09."
By Charles Trost, includes “… In comparison with other cities Nashville residents pay relatively low property taxes. Those who have recently moved here from high tax states like California and Illinois know this. Indeed in many instances it may have been a principle factor in their decision to move here. ”
Op-ed by Steven Malanga, includes “… City leaders have used deficit financing to balance Nashville’s books and spent much of the city’s reserve funds. The Tennessee comptroller has threatened a state takeover, and even the Biden administration’s lavish stimulus isn’t enough to plug Nashville’s budget hole. Amid all this, angry local groups are trying to spur a special election to roll back a gigantic property tax increase.”
Includes “Nashville recently was named a ‘Bottom 5 Sinkhole City’ by the nonpartisan think tank Truth in Accounting (TIA) in its fifth annual Financial State of the Cities report. … Nashville was among the bottom five of those 62 cities, earning it the ‘sinkhole’ distinction. The city ranked 71st out of the 75 cities examined and earned an F grade.”
By Mike Reicher and Joey Garrison, includes “… a recent report showed the city spent one out of every $10 of government funds to pay off debt last fiscal year. And this year’s budget may exceed that figure for the first time since at least 1993. … Moody’s gives Nashville the third highest credit rating available, something Briley likes to cite whenever the subject of Metro’s financial challenges arise.”
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.
State and local governments scrambling to raise money during the economic crisis caused by the coronavirus pandemic are looking to increased property taxes -- as well as wealth taxes and more -- to fill budget holes.
Nashville City Councilman Bob Mendes tried unsuccessfully for two years to get his booming city to raise property taxes to address its growing municipal needs.
Mayor Cooper says the only answer to Nashville's financial problems is a 32% tax increase. But critics say the city’s crisis has nothing to do with natural disasters and everything to do with years of fiscal mismanagement.
Christopher Clark was elected mayor last year, pledging to seek business tax reductions and lower water bills. They were popular goals that seemed in reach given that city revenues had been rising almost every year since the recession.
The two hottest U.S. job markets in 2019 were growing Southern state capitals with vibrant music scenes and an influx of technology jobs.
Our fourth annual report on the financial condition of the nation's 75 largest cities.
Tennessee Comptroller of the Treasury Justin Wilson had a stern message for the Metropolitan Government of Nashville: Balance the budget or face dire consequences.