The majority of U.S. cities were ill-prepared for any financial crisis last year, let alone the one brought about by their respective state shutdowns in response to the COVID-19 pandemic, a new report published by the nonprofit Truth in Accounting (TIA) concludes.
The annual assessment surveys the fiscal health of the 75 largest municipalities in the U.S. based on fiscal year 2019 data. TIA reviewed audited Comprehensive Annual Financial Reports filed by city halls across the country and concluded that even the fiscally healthiest cities are projected to lose millions of dollars in revenue as a result of state shutdowns on top of their previously existing poor fiscal health.
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