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.

On the Brink of Financial Collapse: 10 Cities In Serious Danger of Bankruptcy

JUNE 6, 2023 | MSN | by Ben Rice

"Sobering Statistics 

The study, called Financial State of the Cities 2023, was done by Truth in Accounting. It has some difficult truths: 50 out of 75 cities could not pay their bills; the combined debt for all 75 cities is $267 billion. Moreover, elected officials didn’t include the cost of government in this figure, instead pushing it onto future taxpayers."

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.

Why PSERS investment strategy has failed


By Joseph DiStefano, includes “Pennsylvania’s pension plan for teachers is at war with itself over how to invest its mammoth $70 billion fund. Put aside the lingering FBI investigation."

Pittsburgh residents ask officials to support campaign to cut national defense spending

MARCH 24, 2021 | TRIB TOTAL MEDIA (PENNSYLVANIA) | by Tom Davidson

By Tom Davidson, includes “Forty-four Pittsburgh residents have petitioned for a hearing before City Council to ask for a local resolution to support a movement that calls for reduced defense spending." 

Pittsburgh’s city budget works for the police but not for the people

MARCH 18, 2021 | LIBERATION | by Andrew Bankson, Brian Gonnella

By Andrew Bankson and Brian Gonnella, includes “Despite the liberal buzzwords and soothing platitudes, the Pittsburgh city budget is a further entrenchment of the same capitalist status quo that has dug in to most American municipalities. It is a status quo defined by austerity policies and increasingly higher investments into the local police state..”

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. 

Energy companies, facing mountains of debt, look to Main Street for help


For the last decade, drilling rigs dotting the Western Pennsylvania landscape unlocked vast natural gas reserves trapped by the Marcellus Shale rock formation — and were financed with cheap corporate loans repaid at rock-bottom interest rates set by the Federal Reserve

2020 Financial State of the Cities

JANUARY 28, 2020

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