At the end of the fiscal year 2022, 53 cities did not have enough money to pay all of their bills.
"Another scorecard ranked California one of the worst states financially. Truth in Accounting’s 14th annual Financial State of the States report scored California 42nd among the 50 states.
This year's report highlights the volatility and risk surrounding pension plan assets and corresponding pension liabilities.
“The amounts approved Tuesday are the first specific allocations from the City’s American Relief Plan allocation. The Council in September approved broad categories for spending the $112 million in ARP funds Sacramento will receive over the next two years. ”
Op-ed by Will Swaim, includes “Gov. Gavin Newsom’s new, record-setting budget is built in large part on a massive surplus that special-interest groups cannot wait to spend. There’s a little money for the homeless, a bit for climate change, money for women from other states and countries seeking abortions here, …”
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 David Crane, includes “As Congress debates the next Covid-19 relief package for state and local governments and schools, it should note that the Golden State is currently leaving billions of already-approved federal dollars on the table. … Vice President Kamala Harris, for example, is entitled to OPEB as a result of her employment by the San Francisco District Attorney’s Office. The solution is simple: terminate any obligation to provide benefits when the retiree or dependent is eligible to receive health insurance at the expense of another employer …”
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.
The 2020-21 budget spends far more — at least $20 billion more — than projected revenues, even including billions of dollars from the state’s emergency reserve.
Washington has no plans to vote on more federal aid to the states before California’s June 15 deadline to pass a state budget
There’s an interesting discussion happening over at the Grassroots Motorsports forum right now, and presumably at many other places off-line. It’s about laws in Sacramento County stating, essentially, that almost any auto repair you do on your property is illegal
Our fourth annual report on the financial condition of the nation's 75 largest cities.
But now, thanks to confusion over how to collect online sales taxes, California’s tax-collection agency may be coming for you — even if you sell a few items from your kitchen table in Kansas.
SACRAMENTO, Calif. (AP) — The chief executive of California's $350 billion pension fund does not have a college degree and the revelation has startled some retirees.
California’s political leaders don’t have to look very far to find a stark example of the pension cost crisis facing the state’s 482 cities.
California is great at making pension promises, but a dismal failure at properly funding them.
A Sacramento man, who contended he was fired for questioning spiking pensions and sued the California State Teachers Retirement Association, says the state can dismiss the rights of whistleblowers, but can no longer ignore crushing pension burdens.
It can be liberating for a politician to see the finish line and not have to worry about the next election.