Intro: A new report on the financial condition of the 75 most populous cities ranked Mesa no. 42 in the nation for fiscal health.
The report is based on the cities' 2020 annual comprehensive financial reports, which are not analyzed on this scale by any other organization.
The bottom line is that Mesa did not have enough money to pay its bills, which is why it received a "D" grade for its fiscal health.
The
analysis by Truth in Accounting (TIA), a nonprofit government finance watchdog group, found Mesa needed $984.1 million to get out of the red, or $6,200 from each city taxpayer.
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You can read the full report here . Hold -
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Mesa, AZ received 'D' grade for fiscal health New report released by Truth in Accounting <img alt="Truth in Accounting's profile picture" class="avatar-img avatar-img--base" src="https://patch.com/img/cdn20/users/22889725/profile_pics/styles/large/public/square-tialogo___12174215253.png?width=64"/> Posted Tue, Jan 25, 2022 at 2:29 pm MT
SUMMARY OF TRUTH IN ACCOUNTING ANALYSIS:
". . .According to the watchdog's annual Financial State of the Cities report, Mesa had $2.4 billion in bills and only $1.4 billion in available assets to pay those bills after capital and restricted assets were excluded. This resulted in a $984.1 million shortfall, or a $6,200 Taxpayer Burden™, which is each taxpayer's share of the municipal debt after the city's available assets have been tapped.
TIA's Taxpayer Burden indicator incorporates both assets and liabilities, including all retirement liabilities. This analysis surveys the fiscal health of the 75 most populated U.S. cities during the onset of the COVID-19 pandemic."
Financial State of the Cities 2022 January 25, 2022 **To read the full report, please click here to download the PDF**
Truth in Accounting has released its sixth annual Financial State of the Cities report. This comprehensive analysis surveys the fiscal health of the 75 most populated U.S. cities during the onset of the COVID-19 pandemic.
The report found that 61 cities did not have enough money to pay all of their bills. Despite receiving federal assistance from the CARES Act and other COVID-19 related grants, the majority of cities’ finances worsened.
Total debt among the 75 largest U.S. cities amounted to $357 billion at the end of the fiscal year 2020, which was $23.5 billion worse than the last fiscal year.
× Truth in Accounting believes truthful accounting is the key for citizens, legislators, and the press to clearly understand the truth about government finances. To keep the truth coming, consider contributing with a direct donation.
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