Source: NGA – National Governors Association, NCSL – National Conference of State Legislatures, CSG – The Council of State Governments, NACo – National Association of Counties, NLC – National League of Cities, USCM – The U.S. Conference of Mayors, ICMA – International City/County Management Association, NASBO – National Association of State Budget Officers, NASACT – National Association of State Auditors, Comptrollers and Treasurers, GFOA – Government Finance Officers Association, NASRA – National Association of State Retirement Administrators, February 2014
Since Detroit declared bankruptcy in 2013, many have questioned the overall financial condition of state and local governments, particularly concerning bankruptcy, bonds, and pensions. What are the facts? ICMA joined with the national organizations representing the nation’s governors, state legislatures, and state and local officials to release, “2014 Facts: State and Municipal Bankruptcy, Municipal Bonds, State and Local Pensions.”
Did you know that:
– Only 14 localities, or one out of every 1,525 eligible jurisdictions, have sought bankruptcy protection over the past five years?
– Only 12 states specifically authorize Chapter IX filings for their general-purpose local governments?
– That states, counties, and other localities invested $3.2 trillion in infrastructure through long-term tax-exempt municipal bonds between 2003 and 2012, compared with $1.3 trillion provided by the federal government in support of public works?
This quick reference provides links to research reports about states and local government fiscal issues, pension plans, and municipal bonds.