Wednesday, February 16, 2011

City CAFR MuniTerminal (Annual Financial Reports)

Continued from Part 1: State CAFR MuniTerminal

Here are direct links to city CAFRs (comprehensive annual financial reports). When you open the pdf, check out the general fund (and fund transfers), debt service fund, tax base, ratios and bonds outstanding. There's a statistical section at the end with trends. I tried to find the most recent audits, but double check the ones from June 2009 for updates.

City CAFRs are easier to dissect, but riskier credits, since they have "smaller economies, less resources and limited abilities to tax" (Chris Mier of Loop Capital). However, unfunded pension liabilities are running amok at both the state and local level (*see articles below re: Fitch/Moody's credit ratings).

From the Milken Institute report Ensuring State and Municipal Solvency:
As the recession drags on, states and municipalities find themselves in a deep hole. For the first time since the Great Depression, income, sales and property taxes have declined in unison. The cyclical challenges are clear: falling tax receipts, high unemployment, tepid investment returns, and overall economic uncertainty.

But even more daunting are the long-term structural issues that are simultaneously coming to a head: trillions of dollars in unfunded pension obligations, the escalating costs of other post-employment benefits (OPEB), record numbers of retirees poised to tap pensions and benefits, increasing longevity, and significant revenue/expenditure mismatches.
I will continue to update this list. The smaller cities have been in the news recently.

Atlanta: CAFR FY June 30, 2009 | Archive
Boston: CAFR FY June 30, 2010 | Archive
Chicago: CAFR FY December 31, 2009 | Archive
Cleveland: CAFR FY December 31, 2009 | Archive
Columbus: CAFR FY December 31, 2009 | Archive
Dallas: CAFR FY September 30, 2009 | Archive
Denver: CAFR FY December 31, 2009 | Archive
Detroit: CAFR FY June 30, 2010 | Archive
Washington DC: CAFR FY September 30, 2010 | Archive
Flint (MI): CAFR FY June 30, 2010 | Archive
Ft. Lauderdale: CAFR FY September 30, 2009 | Archive
Gainesville (FL): CAFR FY September 30, 2009 | Archive
Hamtramck (MI): CAFR June 30, 2009 | Archive
Harrisburg: CAFR December 31, 2008 | Archive
Indianapolis: CAFR FY December 31, 2009 | Archive
Las Vegas: CAFR FY June 30, 2009 | Archive
Los Angeles: CAFR FY June 30, 2009 | Archive | Preliminary June 30, 2010
Miami: CAFR FY September 30, 2009 | Archive | Dec 2010 Financial Report
Memphis: CAFR FY June 30, 2010 | Archive
Milwaukee: CAFR FY December 31, 2009 | Archive
Minneapolis: CAFR FY December 31, 2009 | Archive
Naples (FLA): CAFR FY September 30, 2009 | Archive
New York City: CAFR FY June 30, 2010 | Archive
Oakland (CA): CAFR FY June 30, 2010 | Archive
Omaha: CAFR FY December 31, 2009 | Archive
Orlando: CAFR FY September 30, 2009 | Archive
Phoenix: CAFR FY June 30, 2010 | Archive
Pittsburgh: CAFR FY December 31, 2009 | Archive
Prescott (AZ): CAFR FY June 30, 2010 | Archive
Salem (MA): CAFR FY June 30, 2010 | Archive
Salinas (CA): CAFR FY June 30, 2009 | Archive | Monthly Report May 2010
San Francisco: CAFR FY June 30, 2010 | Archive
Salt Lake City: CAFR FY June 30, 2010 | Archive
Seattle: CAFR FY December 31, 2009 | Archive
St. Louis: CAFR FY June 30, 2010 | Archive
Tampa: CAFR FY September 30, 2009 | Archive
Tucson: CAFR FY June 30, 2009 | Archive
West Palm Beach: CAFR FY September 30, 2009 | Archive

Cities use GASB financial reporting (Governmental Accounting Standards) so it looks a little different than normal.

Recent News:

*Downgrades loom for US states (Fitch to calculate pension liabilities in ratings) (Financial Times)

*Moody’s to Factor Pension Gaps in States’ Ratings (and cities?) (NYT)

The Impact of Pensions on State Borrowing Cost (Center for State and Local Government Excellence)

Cities face $1B in unfunded pension, health costs (Salem News - Massachusetts)

Cash-strapped US states and cities face the prospect of downgrades after Fitch Ratings changed the way it analyses their burgeoning pension bills.

A Month into the Job, Mayor Lee Foresees Extreme Financial Pain ("Without steep cuts in pension and health care costs, Lee says San Francisco could face bankruptcy" - Bay Citizen)

New report finds Rhode Island employee-retirement funds fall short (projo.com)

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