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 Zachary Christensen and Jordan Campbell (Reason Foundation), includes “Public pension debts from three major municipal plans in Nebraska are approaching $1 billion, and an analysis of Omaha’s two municipal systems and Lincoln’s public safety plan suggest that this shortfall is likely to continue to expand unless policymakers make meaningful changes to how the city funds and manages the retirement plans.”
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.
OPS Superintendent Cheryl Logan said it’s time for the district to get out of the business of running a pension system.
Our fourth annual report on the financial condition of the nation's 75 largest cities.
“… But the problems in the Omaha School Employees’ Retirement System — known among district retirees as OSERS — go well beyond bad decisions by unsophisticated trustees. In an occasional series that begins today, The World-Herald will reveal an up-to-now untold story featuring bad investment decisions, questionable practices, cozy relationships, lack of oversight and a massive case of fraud.”
The Nebraska Legislature on Wednesday rejected authorizing the Omaha Public Schools to issue $300 million in bonds to shore up its badly underfunded pension fund.
A badly underfunded pension system has blown a sizable hole in the Omaha Public Schools budget, forcing the district to divert tens of millions annually to shore up its retirement fund.
Deepening pension obligations have begun to take a painful bite out of the Omaha Public Schools budget, posing a potential threat to classroom funding.
Omaha Public Schools officials say the district could come out better financially — and make the pension plan healthier — by issuing between $219 million and $252 million worth of bonds.
Includes "The firefighters and police unions in Omaha and Lincoln, the two largest cities in Nebraska took to the streets on Tuesday to protest the planned implementation of a bill which if passed proposes to overhaul the traditional pension plan and replace it with a cash-balance retirement plan. ..."