Posted on 03/17/2018 9:16:16 AM PDT by george76
Truth in Accounting .. based on fiscal year 2016 comprehensive annual financial reports .. found that 64 cities do not have enough money to pay all of their bills, and in total, the cities have racked up $335.4 billion in unfunded municipal debt.
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Government reports are lengthy, cumbersome, and sometimes misleading documents ... taxpayers and citizens deserve easy-to-understand, truthful, and transparent financial information from their governments.
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to balance the budget, elected officials have not included the true costs of the government in their budget calculations and have pushed costs onto future taxpayers.
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TIA was unable to rank and grade two of the most populous cities—Newark and Jersey City in New Jersey—because they do not issue annual financial reports that follow generally accepted accounting principles
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Most of this debt comes from unfunded retiree benefit promises, such as pension and retiree healthcare debt.
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Because government financial statements do not report all liabilities, elected officials and citizens are making financial decisions without knowing the true financial condition of their government. The lack of accuracy and transparency in government accounting prevents even an experienced user of government financial documents from understanding and evaluating a public-sector entity’s financial health.
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San Francisco has one of the highest Taxpayer Burdens
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Philadelphia remains one of the most financially troubled cities in the country
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Chicago has bequeathed its residents and taxpayers the second worst financial condition
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New York City ranks last because of its massive, growing debts. Despite elected officials’ long-standing claims of “balanced budgets,” the city has about $70 billion in unfunded pension benefits, and nearly $80 billion in retiree healthcare debt
(Excerpt) Read more at truthinaccounting.org ...
Portland, OR in “top” 10....for being in a relatively small state...this is NOT GOOD...
Oregon ping
Wow! NYC has 45% of ALL municipal debt all by itself, and the bottom 5 hold 64%. Chicago is #2 but has only one quarter of the debt held by NYC. Bigger, in the case of cities isn’t better.
Can someone simply post the list in order please?
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