FAST FIVE: Cities Have Themselves To Blame, Not COVID-19, For Sinkhole Status
That statistic comes from the latest TIA “Financial State of the Cities” report (pdf), which came out in the last week of January.
The authors' objective is to provide citizens with easy-to-understand information and peer comparisons regarding their local governments' finances.
The total liabilities of the 75 most-populated US cities amounted to $333.5 billion at the end of the 2019 fiscal year.
For Kristen Cabanban, the city's budget and management spokesman, the Windy City has addressed financial liabilities and deficits without significant tax increases.
According to the NLC report, US cities will have to make do with 13 percent lower revenues in the 2021 fiscal year.