Financial State of the Cities 2024

FEBRUARY 15, 2024

At the end of the fiscal year 2022, 53 cities did not have enough money to pay all of their bills.

Financial State of the Cities 2023

FEBRUARY 7, 2023

This year's report highlights the volatility and risk surrounding pension plan assets and corresponding pension liabilities.

Financial State of the Cities 2022

JANUARY 25, 2022

Truth in Accounting has released its sixth annual Financial State of the Cities report.

PRESS RELEASE: Majority of U.S. cities finances worsened during beginning of COVID-19 pandemic

JANUARY 24, 2022

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.

City Combined Taxpayer Burden Report 2021

MAY 11, 2021

Truth in Accounting has released a new analysis of the 10 most populous U.S. cities that includes their largest underlying government units.

Majority of U.S. cities ill-prepared for COVID-19 pandemic

JANUARY 26, 2021

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.

Financial State of the Cities 2021

JANUARY 26, 2021

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. 

City Combined Taxpayer Burden Report 2020

MAY 12, 2020

Truth in Accounting has released a new report on the 10 largest U.S. cities. The City Combined Taxpayer Burden report analyzes the finances of each city, its county, state, and underlying government units.

A response to the city of Phoenix's 'invalid' claim

FEBRUARY 10, 2020 | by Sheila Weinberg

Includes "Pension debt is similar to credit card debt, not a mortgage, because it is debt accumulated to cover costs that have already been incurred. Evidently Phoenix has a plan to pay the pension debt off over the next 22 years, but this does not negate the fact that this debt exists today. To explain this concept on a personal level, someone who plans to pay off a credit card balance over time by paying the minimum payments still has outstanding credit card debt now." 

Councilman Sal DiCiccio’s (Phoenix) page

FEBRUARY 7, 2020 | FACEBOOK | by Sal DiCiccio

Years of mismanagement has left Phoenix on shaky financial ground and our citizens are paying the price. Tax increases, new fees, and service cuts won't stop until the tax-and-spend politicians at City Hall focus on the structural problems in our budget.

2020 Financial State of the Cities

JANUARY 28, 2020

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

Voters can make Phoenix transparent and responsible on pensions

AUGUST 14, 2019 | THE WASHINGTON EXAMINER | by Chuck Warren, Sal DiCiccio

Take a look around your community: Roads are crumbling. Public parks in disrepair. Ambulance and police dispatch services take longer to arrive. Citizen services are being cut. Yet virtually every city, county, and state in the country spent the last decade raising taxes every year.

Prop. 106 is the wrong answer to Phoenix’s pension debt


Phoenix faces big challenges on pension liabilities. Its plans for police officers and firefighters are roughly 60% unfunded

Arizona auditor general to Maricopa County: Unfunded pension cost exclusions ‘improper’

JULY 26, 2019 | THE CENTER SQUARE – ARIZONA | by Alan Krawitz

The OAG said the pension exclusions should not be allowed and that the expenditures the county was permitted to exclude were actually $3.3 million as opposed to the $60.9 million it reported.  

Phoenix voters could fundamentally change the city in August

JULY 10, 2019 | AZ CENTRAL (ARIZONA) | by Jessica Boehm

On August 27th, Phoenix voters will decide on two issues that could fundamentally alter the landscape of the city.

Phoenix taxpayer burden much bigger, group asserts


“With the prospect of Phoenix voters being asked to weigh in during a special election in August on a measure aimed at increasing accountability and transparency in Phoenix city government’s finances, a watchdog group has published a report show the debt burden on each taxpayer in the city amounts to $13,290. … Phoenix is actually better off than the other nine cities that Truth in Accounting studied … Highest is Chicago, where the taxpayer burden is a whopping $119,110 …”

2 DiCiccio-supported initiatives now on August ballot


The Responsible Budgets initiative would require that new spending growth be limited to the increase of population plus inflation and that every dollar above that must be used to pay down the city’s unfunded pension obligations that now exceed $4.5 billion.

Phoenix drowning in pension debt, drastic response proposed

FEBRUARY 6, 2019 | FOX BUSINESS | by Julia Limitone

Phoenix is facing a huge pension crisis and drastic measures are being considered to deal with it. One lawmaker wants the city to stop spending any money until it gets its pension debt under control.

Have a 401(k) or Roth IRA? Not keeping an eye on this number could cost you dearly

OCTOBER 11, 2018 | USA TODAY | by Russ Wiles

Everyone with a retirement account should keep an eye on 70½. That's the quirky age when investors typically must start pulling money out of Individual Retirement Accounts and workplace 401(k)-style plans – or face the consequences.

City Combined Taxpayer Burden Report 2018

JULY 17, 2018

TIA's new analysis of the 10 most populous U.S. cities and their largest local government units shows you're on the hook for more debt than you think.

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