Lincoln Ranked in Top Three Cities in the Nation for Fiscal Health
Truth in Accounting (truthinaccounting.org) has released its sixth annual Financial State of the Cities report, in which Lincoln was named as the third financially healthiest city in the nation. This comprehensive analysis surveys the fiscal health of the 75 most populated U.S. cities during the onset of the COVID-19 pandemic.
Lincoln’s healthy financial condition helped the city weather the onset of the COVID-19 pandemic. Based upon the city’s fiscal year 2020 audited financial report, Lincoln had a Taxpayer Surplus™ of $3,100, earning it a “B” grade from Truth in Accounting. Unlike most cities, Lincoln had more than enough resources available, $303.9 million, to pay all of its bills, including public employees’ retirement benefits. This means Lincoln’s elected officials truly balanced their budgets. When broken down, the amount available to pay future bills resulted in a surplus of $3,100 for each Lincoln taxpayer. Even though Lincoln was financially sound before and during the pandemic, the city still received federal support from COVID-19 related grants. The surplus Lincoln had plus additional funds from the grants will help the city to weather any future public health or economic crises and downturns in the market, which can cause the value of a government’s assets to fluctuate. The uncertainty surrounding this current crisis makes it impossible to determine how much will be needed to maintain government services and benefits.
Truth in Accounting offers comprehensive analysis of government fiscal data. Read the full report and learn more at truthinaccounting.org/news/detail/financial-state-of-the-cities-2022.