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: "A new report on the financial condition of the 75 most populous cities ranked St. Louis no. 65 in the nation for fiscal health. ... The bottom line is that St. Louis did not have enough money to pay its bills, which is why it received a 'D' grade for its fiscal health."
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.
Our fourth annual report on the financial condition of the nation's 75 largest cities.
This post is part of a series titled “Supervising Our Nation’s Financial Institutions.” The series, written by Julie Stackhouse, executive vice president and officer-in-charge of supervision at the St. Louis Federal Reserve, appears at least once each month.
St. Louis is already more than $1.6 billion in debt, according to the nonprofit government finance watchdog Truth in Accounting.
Missouri’s two biggest cities aren’t especially well run according to a survey by personal finance website Wallethub.
Major league teams used to get everything they wanted from sports-mad cities. Now they have to fight for it -- and increasingly, they’re losing.
It won't be a surprise to readers of this blog that Kansas City and St. Louis are in bad financial shape.