By Teri Sforza
Of the nation’s 75 most populous cities, two of the top three – in terms of fiscal health – are Irvine and Stockton, suggesting the power of both beige and bankruptcy, according to data from the nonprofit Truth in Accounting. Fresno is the third city showing decent fiscal health.
But all of California’s other big cities are “sinkholes,” according to the report. That means they’re in the red, with what they owe eclipsing what they have, thanks largely to unfunded pension and retiree health care promises, the report said.
Schoolmarm-like, with ruler in hand, Truth In Accounting doled out letter grades based on the “Taxpayer Burden” per household. All three surplus cities earned “B” grades. Earning “C’s” were those with “burdens” of less than $4,900 per household, including Long Beach ($1,500), Riverside ($2,600) and Santa Ana ($3,400).
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Photo Credit: David Crane, Los Angeles Daily News/SCNG