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 Teri Sforza, includes “It’s a bit like hiding credit card bills under the mattress and declaring that everything’s fine: Cities, a watchdog group says, don’t include the true costs of government in the budgets they present to the public. Into this financial house of mirrors strides Truth in Accounting, a nonprofit, nonpartisan organization devoted to translating inscrutable financial documents into a language everyone can understand.”
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.
Seeing President Trump’s ham-fisted response to protests and riots this week, some Americans might reasonably feel nostalgia for Barack Obama’s oratorical skill and cool presentation. But Mr. Obama’s call on Monday for police reform should bring them back harshly to the fact of the former president’s lack of substance.
With rare exceptions, most cities in California are run by public sector unions. There is the appearance of democracy, with public employees accountable to elected officials, who in turn are accountable to voters, but appearances can be deceiving. Because political campaigns to attract voters require money, and public sector unions have money. Lots of money. In California alone, public sector unions collect and spend over $800 million dollars per year.
If a city has more police officers will its crime rates be lower? Or if a city has more police officers does that mean that it has more crime than other cities? Does the amount of police officers in a city correlate with lower or higher crime rates?
Our fourth annual report on the financial condition of the nation's 75 largest cities.
Many Orange County cities are struggling to maintain budgets that keep, or minimally cut services and employees, while trying to keep up with growing law enforcement and fire pension spending.