Public Affairs’ Jeff Berkowitz sits down for a conversation with Sheila Weinberg, Founder and CEO of “Truth in Accounting,” since 2002 and whose mission is to compel governments to produce financial reports that are understandable, reliable, transparent and correct. Sheila Weinberg received her Certified Public Accountant, also known as a CPA, credential in 1981, along with a Bachelor of Accounting degree from the University of Denver, which she attended on an academic scholarship. Ms. Weinberg’s research initiatives include “The Truth about Balanced Budgets, a Fifty State Study,” the Financial State of the States and the Financial State of the Union.

Public Affairs’ Jeff Berkowitz sits down for a conversation with Sheila Weinberg, Founder and CEO of “Truth in Accounting,” since 2002 and whose mission  is to compel governments to produce financial reports that are understandable, reliable, transparent and correct.  

But that only covers Chicago’s debts. Those same taxpayers would need to contribute an additional $37,000 to pay down the state’s existing debts, according to Truth in Accounting’s most recent 2024 State of the States report.

The city is in a $5 billion pension hole, and with equity markets struggling in the Donald Trump era, the General Fund will have to spend more to cover that shortfall. When municipal watchdog group Truth in Accounting gave the city a D rating for fiscal mismanagement, it wasn’t short for DUUUUUU-val.

According to data from Truth in Accounting, even El Paso has a bigger budget shortfall at nearly $530 million. The biggest shortfall by a major city in Texas is Dallas, coming in at nearly $6 billion. The city of Austin is right behind them, with a deficit of nearly $6 billion.

Topline: America’s 75 largest cities are collectively $300.7 billion in debt, according to the annual “State of the Cities” report from nonprofit fiscal transparency and accountability organization Truth in Accounting.

Despite continuing to increase taxes on residents, five of Texas’ largest cities are in the red, according to an analysis by Truth in Accounting, a Chicago-based nonpartisan fiscal transparency think tank. Four of the five are run by Democrats.

The “Financial State of the Cities 2025” report by Truth in Accounting provides a comprehensive analysis of the fiscal health of America’s 75 largest municipalities. Alarmingly, it reveals that 54 of these cities lack the necessary funds to meet their financial obligations.​

Turns out $5 billion in pension debt has consequences.

The new Truth in Accounting Financial State of the Cities report shows Jacksonville ranked #60 among 75 major cities. It received a D grade because it is $3.6 billion in the hole.

A report by Truth in Accounting reveals that most of America’s 75 largest cities are in severe financial distress. Unfunded pension and retiree healthcare liabilities account for a significant portion of this debt, posing a long-term threat to taxpayers.

The report evaluated the cities as of fiscal year 2023. It found New York City as the worst city fiscally, followed by Chicago, Portland, New Orleans and Honolulu. The best city came in as Washington, D.C., followed by Lincoln, Irvine, Tampa and Cleveland.

Memphis and Nashville governments are operating at a deficit, but Nashville improved its finances in the past year, according to a report released Thursday by Truth in Accounting.

Jones inherited a city in decline, but her progressive policies have done nothing to slow or reverse the trend. The city’s population has dropped to its lowest level since 1950. Financial watchdog Truth in Accounting gives St. Louis a “D” grade, warning that reported improvements using outdated pension data mask deeper liabilities.