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U S cities including Nashville, Philadelphia, San Francisco and Seattle look to offset billions in revenue losses with new taxes on businesses
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U S cities including Nashville, Philadelphia, San Francisco and Seattle look to offset billions in revenue losses with new taxes on businesses
bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
Chicago-based Truth in Accounting released its annual
Financial State of the Cities study on Tuesday, Jan. 26, examining the monetary health of the 75 largest cities in the U.S. by using fiscal 2019 audited comprehensive annual financial reports in each municipality.
TIA found that 62 of the cities carried varying levels of debt, numbers almost certainly exacerbated in fiscal 2020 by the economic downturn caused by the pandemic.Â
âEven the fiscally healthiest cities are projected to lose millions of dollars in revenue as a result of the coronavirus pandemic,â the report notes. âThe uncertainty surrounding this crisis makes it impossible to determine how much will be needed to maintain government services and benefits, but these citiesâ overall debt will most likely increase.â
Normal, IL, USA / www.cities929.com
Jan 30, 2021 7:00 AM
(The Center Square) – The majority of U.S. cities were ill-prepared for any financial crisis last year, let alone the one brought about by their respective state shutdowns in response to the COVID-19 pandemic, a new report published by the nonprofit Truth in Accounting (TIA) concludes.
The annual assessment surveys the fiscal health of the 75 largest municipalities in the U.S. based on fiscal year 2019 data. TIA reviewed audited Comprehensive Annual Financial Reports filed by city halls across the country and concluded that even the fiscally healthiest cities are projected to lose millions of dollars in revenue as a result of state shutdowns on top of their previously existing poor fiscal health.
The City and County of Honolulu’s balance sheet is in rough shape.
That is the assessment of Truth In Accounting, a non-partisan think tank that promotes transparency in government financial reporting.
In its annual report on the financial health of cities, the Chicago-based group found that Honolulu city government has the third-worst finances of any major American city.
That conclusion was reached by comparing the value of unfunded debt to total residential population.
Truth In Accounting Founder and CEO Sheila Weinberg says Honolulu is what she calls a “sinkhole” city; a municipality that has more debt than they have assets available to pay that debt.
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