Financial State of the Cities 2023 Released

Pension volatility plays a major role in this year's report. 

Financial State of the States 2022

At the end of the fiscal year 2021, 31 states did not have enough money to pay all of their bills. 

US Published National Debt


The Truth


Each Taxpayer's Share: $936,000

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  • Financial State of the Cities 2023

    This year's report highlights the volatility and risk surrounding pension plan assets and corresponding pension liabilities. We found that for most cities in the fiscal year 2021, pension assets increased dramatically because of strong markets. The resulting pension liability and money needed to pay bills decreased equally dramatically. Taxpayers can only hope that when pension plan investments need to be sold to pay for benefits, the market value of those investments will be high. If not, taxpayers will be on the hook to pay higher taxes to cover the promised benefits.


    To download the full report on the financial condition of the 75 most populous cities, click here.


  • Financial State of the Union 2022

    Our Financial State of the Union report found that the financial condition of the U.S. government worsened by more than $10 trillion in 2021.

  • Data-Z (formerly State Data Lab)

    Create your own chart with more than 700 data variables, including demographic, economic and financial at the federal, state, and city level.

  • Financial State of the States 2022

    Thirty one states did not have enough money to pay all of their bills

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  • Happy talk from Hartford obscures challenges facing Connecticut

    March 13, 2023
    New Haven Biz

    "As a born and bred Connecticut Yankee, I am second to no one in my love for this state. I defy anyone to find a state that offers a better combination of rural, suburban and urban charm in a package of 4,800 square miles to its residents. If you want something, you can find it here.

    But that is not to say all is well. Our largest companies are fleeing for more business-friendly states, people are leaving for cheaper cost of living states, and, despite an income tax and approximately $200 million per year from Foxwoods and Mohegan Sun, each Connecticut taxpayer owes $56,500 to pay off our state’s debt, according to Truth in Accounting. We are consistently ranked at or near the bottom of surveys of fiscal health."

  • Can Baltimore get out of its debt crisis?

    March 13, 2023
    Fox Baltimore

    "The city of Baltimore is struggling to pay off its crippling debt without burdening its taxpayers. The nonprofit group Truth in Accounting recently ranked Baltimore 65th out of 75 major U.S. cities based on fiscal health, and when it comes to Maryland, our state ranked 37th out of all 50 states."

  • Lexington Receives a “D” Grade for Fiscal Health – Accounting Watchdog Calls it a “Sinkhole City”

    March 8, 2023
    The Lexington Times

    "Lexington, Ky.–A recent report from Truth in Accounting (TIA), a nonprofit government finance watchdog group, has ranked Lexington, Kentucky as the 59th most fiscally healthy city out of the 75 most populous cities in the United States. The analysis was based on Lexington’s 2021 annual comprehensive financial reports, which revealed that the city is facing a significant financial shortfall of $857.3 million. This means that each taxpayer in Lexington would need to contribute $9,400 to help the city get out of the red."

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