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Cities within the SEC footprint on the brink of bankruptcy....
Posted on 3/18/24 at 5:21 pm
Posted on 3/18/24 at 5:21 pm
-- NEW ORLEANS..........
A study by the Bureau of Governmental Research highlighted that the city faced a budget deficit of $97 million in 2021, exacerbated by the pandemic’s ongoing effects on the tourism and hospitality sectors. Additionally, property tax assessments in New Orleans have often been criticized for not reflecting actual market values, leading to inconsistent tax surpluses.
New Orleans’ financial obligations exceed its available assets, resulting in a per-citizen burden of approximately $18,000. This figure reflects not just public debt but also unfunded retirement obligations that have grown substantially over the years. The Tax Foundation points out that the city’s tax policies, including property and sales taxes, have been adjusted upwards to counter these financial strains.
-- DALLAS........
The police and fire pension alone face a billion-dollar shortfall. The city’s financial troubles are underscored by an eye-opening total debt of approximately $7.6 billion. This economic burden translates to a daunting tax burden of roughly $21,500 per citizen, highlighting the pressing need for financial reform and strategic fiscal management.
This, coupled with a significant drop in sales tax revenue, has prompted urgent action, including pension reform and a focus on improving sales tax collections. Dallas is also seeking federal relief to bridge the immediate economic gap.
-- MIAMI..........
Miami’s financial state is inextricably linked to climate change. Its total debt amounts to approximately $1.3 billion. This substantial financial burden is reflected in a tax burden of about $7,500 per citizen, indicating the profound impact on Miami’s residents.
Pension liabilities, in particular, represent a daunting challenge for the city’s budget, with healthcare benefits for retired employees adding to the fiscal pressures. These obligations have necessitated an increased reliance on borrowing to meet financial commitments, further exacerbating Miami’s debt situation. The city is pushing for ambitious infrastructure and flood mitigation projects to protect its future economy.
-- ST. LOUIS.......
With a total debt of several billion dollars, each citizen’s share of this debt hovers around a staggering $27,000, positioning St. Louis among the cities with the highest fiscal responsibility per resident in the nation.
This considerable financial strain emerges from years of deferred maintenance on critical infrastructure, pension obligations that have outpaced the city’s economic growth, and a consistent population decline—which further diminishes the tax revenue needed to sustain municipal services.
Other major cities around the country include: New York City, Philadelphia, Pittsburgh, Baltimore, Honolulu, Milwaukee, Chicago and Portland, Oregon.
A study by the Bureau of Governmental Research highlighted that the city faced a budget deficit of $97 million in 2021, exacerbated by the pandemic’s ongoing effects on the tourism and hospitality sectors. Additionally, property tax assessments in New Orleans have often been criticized for not reflecting actual market values, leading to inconsistent tax surpluses.
New Orleans’ financial obligations exceed its available assets, resulting in a per-citizen burden of approximately $18,000. This figure reflects not just public debt but also unfunded retirement obligations that have grown substantially over the years. The Tax Foundation points out that the city’s tax policies, including property and sales taxes, have been adjusted upwards to counter these financial strains.
-- DALLAS........
The police and fire pension alone face a billion-dollar shortfall. The city’s financial troubles are underscored by an eye-opening total debt of approximately $7.6 billion. This economic burden translates to a daunting tax burden of roughly $21,500 per citizen, highlighting the pressing need for financial reform and strategic fiscal management.
This, coupled with a significant drop in sales tax revenue, has prompted urgent action, including pension reform and a focus on improving sales tax collections. Dallas is also seeking federal relief to bridge the immediate economic gap.
-- MIAMI..........
Miami’s financial state is inextricably linked to climate change. Its total debt amounts to approximately $1.3 billion. This substantial financial burden is reflected in a tax burden of about $7,500 per citizen, indicating the profound impact on Miami’s residents.
Pension liabilities, in particular, represent a daunting challenge for the city’s budget, with healthcare benefits for retired employees adding to the fiscal pressures. These obligations have necessitated an increased reliance on borrowing to meet financial commitments, further exacerbating Miami’s debt situation. The city is pushing for ambitious infrastructure and flood mitigation projects to protect its future economy.
-- ST. LOUIS.......
With a total debt of several billion dollars, each citizen’s share of this debt hovers around a staggering $27,000, positioning St. Louis among the cities with the highest fiscal responsibility per resident in the nation.
This considerable financial strain emerges from years of deferred maintenance on critical infrastructure, pension obligations that have outpaced the city’s economic growth, and a consistent population decline—which further diminishes the tax revenue needed to sustain municipal services.
Other major cities around the country include: New York City, Philadelphia, Pittsburgh, Baltimore, Honolulu, Milwaukee, Chicago and Portland, Oregon.
This post was edited on 3/18/24 at 5:23 pm
21
Posted on 3/18/24 at 5:29 pm to JetDawg
is this some kind of school project for you?
Posted on 3/18/24 at 5:49 pm to JetDawg
quote:
Miami’s financial state is inextricably linked to climate change.
Posted on 3/18/24 at 5:52 pm to wareagle7298
quote:
wareagle7298
Well played, was on my way to make fun of that as well.
Posted on 3/18/24 at 6:41 pm to JetDawg
Liberal Woke policies will make you go broke
Posted on 3/18/24 at 6:41 pm to JetDawg
Can you give us some detailed demographics on these? Which political parties control them (blue or red), for how long, etc.
Posted on 3/18/24 at 6:42 pm to Mikaelomo
quote:This is excellent info for investors in muni-bonds.....good info.
is this some kind of school project for you?
Posted on 3/18/24 at 6:49 pm to JetDawg
shite thread points: 1.
The count begins NOW.
The count begins NOW.
Posted on 3/18/24 at 7:07 pm to JetDawg
Well, liberals are stupid. Useless. Not very good in leadership positions. In general, they suck at everything in life.
Posted on 3/18/24 at 7:50 pm to JetDawg
Well ... this will not end well.
Posted on 3/18/24 at 8:01 pm to JetDawg
What the hell made you think of this and waste your life to make this thread?
Posted on 3/18/24 at 8:13 pm to JetDawg
Surprised Louisville isn't on the list with all their BLM bullshite.
Posted on 3/18/24 at 8:15 pm to UKWildcats
NO has come back from the tourism pandemic drought. City is doing much better currently. Those figures are 3+ years old.
Posted on 3/18/24 at 8:18 pm to JetDawg
Birmingham laughs at all of your cities "on the brink" of bankruptcy and says to come back when you've actually declared bankruptcy.
Posted on 3/18/24 at 8:26 pm to GeorgeWest
quote:And so are NOLA's potholes.
Those figures are 3+ years old.
Posted on 3/18/24 at 8:40 pm to wareagle7298
quote:
Miami’s financial state is inextricably linked to climate change.
What ISN'T "inextricably linked to climate change" with leftist Democrat clowns?
These nuts act like no bad hurricanes ever hit Florida before the 20th century. What HAS changed that exacerbates the cost of these storms is that, instead of having relatively small beach houses dotting the coasts, they've been squeezing in multimillion dollar mansions up and down the coasts...which obviously costs exponentially more to insure and to rebuild.
This post was edited on 3/18/24 at 8:42 pm
Posted on 3/18/24 at 9:02 pm to kajunman
quote:
Well, liberals are stupid. Useless. Not very good in leadership positions. In general, they suck at everything in life.
Mayors of Dallas and Miami are Republican.
Posted on 3/18/24 at 9:37 pm to 195bc
Dallas is very, very liberal. The only reason they have a Republican mayor is because he switched parties after being elected on the Democrat ticket. Literally like a month after. Dallas is still big mad.
Posted on 3/18/24 at 9:45 pm to JetDawg
quote:
Miami’s financial state is inextricably linked to climate change.
Is there a "crisis" or issue they can't link to this hoax?
Posted on 3/18/24 at 9:57 pm to JetDawg
This is some stupid shite even by SECr standards.
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