Tag: Truth in Accounting

Nashville’s financial health earns it ‘sinkhole city’ designation

Mary Pat Campbell

Link: https://www.johnsoncitypress.com/news/state/nashvilles-financial-health-earns-it-sinkhole-city-designation/article_bc49b4a1-8c1f-5f63-a129-31093266adfe.html

Excerpt:

Nashville recently was named a “Bottom 5 Sinkhole City” by the nonpartisan think tank Truth in Accounting (TIA) in its fifth annual Financial State of the Cities report.

TIA examined the fiscal health of the 75 most-populous U.S. cities and graded and ranked the cities accordingly. The 2021 report is based on fiscal year 2019 comprehensive annual financial reports.

“At the end of the fiscal year 2019, 62 cities did not have enough money to pay all their bills,” the report’s executive summary read. “This means that to balance the budget, elected officials did not include the true costs of the government in their budget calculations and have pushed costs onto future taxpayers.”

Author(s): The Center Square

Publication Date: 13 February 2021

Publication Site: Johnson City Press

CHICAGO HAD $41,100 IN DEBT PER TAXPAYER BEFORE COVID-19, SECOND TO NEW YORK

Mary Pat Campbell

Link: https://www.illinoispolicy.org/chicago-had-41100-in-debt-per-taxpayer-before-covid-19-second-to-new-york/

Graphic:

Excerpt:

A new report from government finance watchdog Truth in Accounting gave the Windy City an “F” for financial health. Chicago’s massive $36 billion net debt stems primarily from pensions.

Chicago city taxpayers were just hit with $94 million in property tax increases and $38 million in higher fines and fees, including a policy for speed cameras to ticket drivers for going just 6 mph over the speed limit, to help close the city’s budget deficit. City leaders placed much of the blame on COVID-19’s impact on government revenues, but a recent report from fiscal watchdog Truth in Accounting shows Chicago’s problems existed long before the pandemic.

Author(s): Justin Carlson

Publication Date: 11 February 2021

Publication Site: Illinois Policy Institute

Financial State of the Cities 2021

Mary Pat Campbell

Link: https://www.truthinaccounting.org/news/detail/financial-state-of-the-cities-2021

Excerpt:

Truth in Accounting has released its fifth annual Financial State of the Cities report. This comprehensive analysis surveys the fiscal health of the 75 most populated US cities prior to the coronavirus pandemic. The report found that 62 cities did not have enough money to pay all of their bills. Most of the cities were ill-prepared for any crisis, much less one as serious as what we are currently facing. Total debt among the 75 cities amounted to $333.5 billion at the end of the fiscal year 2019, which will only worsen as the cities face varying and unpredictable effects from the global pandemic.

PDF of full report: https://www.truthinaccounting.org/library/doclib/Financial-State-of-the-Cities-2021.pdf#new_tab

Publication Date: 26 January 2021

Publication Site: Truth in Accounting