Truth in Accounting has completed a comprehensive review of the financial reports of 63 local governments, including school districts, within the Denver metropolitan area.

More than $10 billion of promised retirement benefits were not reported on studied local governments' balance sheets, due to outdated accounting standards.

While most of these local governments appear to have positive financial positions, 20 have financial holes. The financial holes represent bills the local governments have accumulated beyond available assets. All of the 13 school districts studied have financial holes.