Financial State of the Cities (not in New Jersey)

Truth in Accounting released its second Financial State of the Cities report, a comprehensive analysis of the fiscal health of 75 of the nation’s 77 most populous cities based on fiscal year 2016 comprehensive annual financial reports.

This year, the study 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. The study ranks the cities according to their Taxpayer Burden or Surplus™, which is each taxpayer’s share of city bills after available assets have been tapped. Check out the data for your city at the State Data Lab.

As it turned out no city in New Jersey made the list. The reason….

However, 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, or GAAP. As a result, TIA included the next two most populated municipalities: Fort Wayne, Ind., and Irvine, Calif.

I knew about this going back to 2011:
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As bad as the situation is for cities that follow accounting rules, imagine the messes we have hiding in New Jersey. Off-budget revenue, ‘trust’ funds raided, debt supplementing taxes, and still, from what we are allowed to see, the highest-taxed state in the worst fiscal condition.

2 responses to this post.

  1. Posted by dentss dunnigan on January 26, 2018 at 3:10 pm

    No surprise here two Abbott districts that unlimited access to the wealth of the suburb’s pockets via of our corrupt courts ….what could go wrong ..

    Reply

  2. Posted by MJ on January 27, 2018 at 7:45 am

    Does “taxpayer” mean just those who actually work and pay various taxes or does it refer to everyone living in these cities including illegals, lifetime welfare recipients, underground economies, etc

    Reply

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