Public agencies are grappling with a gap between how much money they have and how much money they owe, thanks largely to unfunded pension promises and retiree health care benefits. Truth in Accounting, an organization that promotes clarity in public financial records, ranked the long-term financial health of the nation’s 75 most populous cities.
California cities in the black….
1. Irvine, $5,200 surplus per household, Grade B
2. Stockton, $3,000 surplus per household, Grade B
9. Fresno, $1,200 surplus per household, Grade B
California cities in the red…
15. Bakersfield, $900 deficit per household, Grade C
20. Long Beach, $1,500 deficit per household, Grade C
21. Chula Vista, $2,100 deficit per household, Grade C
25. Riverside, $2,600 deficit per household, Grade C
28. Santa Ana, $3,400 deficit per household, Grade C
32. Sacramento, $4,300 deficit per household, Grade C
37. Anaheim, $5,300 deficit per household, Grade D
38. San Diego, $5,400 deficit per household, Grade D
47. Los Angeles, $7,200 deficit per household, Grade D
56. San Jose, $10,600 deficit per household, Grade D
69. Oakland, $20,700 deficit per household, Grade F
72. San Francisco, $27,500 deficit per household, Grade F
Source: Truth in Accounting
