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.

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 Matthew Kelly, includes “The state of Kansas overcame bleak expectations to collect 9.3% more tax revenue than expected in the 2021 budget year, the Department of Revenue reported Friday. … The budget flexibility afforded by the high revenue intake is sure to stoke heated debate over the relative merits of slashing taxes and further bolstering public services.” 

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. 

Truth in Accounting is an organization that works to improve the reliability and transparency of governmental financial information.  Annually, it produces a report titled Financial State of the Cities that examines the fiscal health of cities.

Our fourth annual report on the financial condition of the nation's 75 largest cities. 

By Alicia Munnell, includes “… On the other hand, five states – Illinois, New Jersey, Connecticut, Hawaii, and Kentucky – face payments in excess of 25 percent of revenue …