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.
Includes: "Seattle is one of 26 cities to receive a grade of ‘C’ for total debt per taxpayer according to Truth in Accounting’s new Financial State of the Cities report. ... Even though all 75 cities have a balanced budget requirement in place but racked up billions in debt, TIA noted that municipalities use various accounting tricks to make their budgets appear balanced. "
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.
Hundreds of Seattle's city employees out-earned the mayor last year, according to a recent fiscal analysis of the city's salary data.
Seattle would need $5,400 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.
In case readers think this is all hyperbole or we’re being negative about Don the real estate guy, look for yourselves.
The federal government is reining in the power of Bechtel National Industries to spend taxpayer dollars at the Hanford site in Eastern Washington by requiring many subcontracts to first get reviewed by Energy Department officials.
Sally Coomer of Seattle, who cares for her disabled adult daughter at home, doesn’t like the fact that union dues are deducted from the Medicaid payment she gets for her services under a Washington state policy.
When it comes to addressing the nation’s water infrastructure crisis, cities and towns are ground zero.
Readers had strong reactions and lots of questions following a Seattle Times investigation into why the Seattle City Employees’ Retirement System had one of the worst investment returns over a decade of any large public pension. Here are answers to some of the most common questions we received.
In the summer of 2015, officials overseeing the city of Seattle’s retirement fund realized that one of their investments was in trouble.
One way for governments and enterprises to save money is to contract out some or all of their services. Towns, cities, counties, states — even the federal government — engage in such practices all the time.
The city of Seattle is in a battle with residents over a controversial new income tax, and the spat says something significant about America’s public sector pension crisis.
By Sean Higgins, includes "...While promoted as an effort to prevent identity theft from seniors, the initiative would stymie groups seeking to inform union members of their rights, including how to de-certify the union. ..."
So lawmakers are offering the national corporations a deal, pay four years of back taxes with interest -- and the state will forgo legal action and penalties.