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 Ned Leiba, includes “Since 2013, Stockton has used outside consultants instead of a traditional city auditor. Those consultants have provided valuable services, but they are not credentialed auditors as required by the charter and contractual agreements. … A diligent, independent city auditor, acting in accordance with the Charter Commission’s proposal and ALGA guidance, would have prevented these and other embarrassing developments.”
By Carl Smith, includes “When Stockton filed for bankruptcy in 2012, it was the largest municipality in the U.S. to be forced into this corner. A judge approved the city’s plan to exit bankruptcy in February 2015, and by 2016, Truth in Accounting had ranked Stockton second in its annual survey of fiscal solvency of the nation’s most heavily populated cities. The city is still in the top five in the 2021 survey …”
Includes “Michael Tubbs losing his Stockton mayoral reelection bid didn’t make anyone’s 2020 top 10 tragedies list. … The unions contributed significantly to Lincoln’s campaign … Six years after filing for bankruptcy, Truth in Accounting in 2018 ranked Stockton as the second most fiscally solvent city among the 75 most populated cities in the nation.”
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.
During the recent nail-biting, sleep-depriving weeks when the fate of American democracy was in hanging-chad-like balance, no one had the luxury of time to think about policy.
It's not as simple as you might think
Three California cities stand out for managing their financial obligations better than others, according to a recent report from Truth in Accounting, a think tank that analyzes government financial reporting.
Our fourth annual report on the financial condition of the nation's 75 largest cities.
Detroit famously declared itself bankrupt in 2013, but it’s by no means alone. While not very common, cities, townsand counties can file Chapter 9 Bankruptcy when unable to pay their bills.
“Stockton’s finances continue to remain at the top of the heap, according to the latest report from a national nonprofit organization that researches financial practices. … Matt Paulin, Stockton’s chief financial officer, said despite the four-spot drop, the city was just happy to be in the black on Truth in Accounting’s list. 'We’re still right up there with the highest letter grade,' he said.”
Two mid-sized California cities, Irvine and Stockton, have topped a national list of financially healthy governments compiled by an influential watchdog group.
Two mid-sized California cities, Irvine and Stockton, have topped a national list of financially healthy governments compiled by an influential watchdog group.
A national nonprofit organization that researches financial practices at the local and state level has reported that Stockton is one of the most fiscally solvent cities in the country.
Truth In Accounting take a look at the similarities and differences among the Top 5 "Sunshine Cities."