At the end of the fiscal year 2022, 53 cities did not have enough money to pay all of their bills.
"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."
This year's report highlights the volatility and risk surrounding pension plan assets and corresponding pension liabilities.
Includes: "The city claims it 'operates on a tough set of financial controls' to ensure it balances its annual budget. It doesn’t. According to a report recently released by a nonprofit, Truth in Accounting (TIA), in order to 'balance the budget' Portland has been failing to include its true costs, pushing costs onto future taxpayers."
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.
Treasurer Tobias Read is pushing an investment policy change for Oregon’s public pension fund that would promote unionization of the workforce at buildings and other facilities in which the fund has a majority ownership interest.
Portland would need $18,400 per taxpayer to dig itself out of a ‘financial trench’ and pay all of its bills.
Our fourth annual report on the financial condition of the nation's 75 largest cities.
The Central States pension is projected to run out of money in six years.
Oregon’s public pension deficit has grown to $25.3 billion, which means schools and local and state governments will need to drain an additional $1.4 billion from their projected 2019-21 budgets to feed the pension beast, according to a new valuation by the system’s actuary.
Oregon's public pension managers have voted to undertake a major shift in the way they invest members' money, turning to age-based investment funds for beneficiaries' individual accounts.
Oregon’s secretary of state said his office will audit spending by Portland Public Schools, in part because of the district’s decision to sue people who requested public records.
By Alicia Munnell, includes “… On the other hand, five states – Illinois, New Jersey, Connecticut, Hawaii, and Kentucky – face payments in excess of 25 percent of revenue …