FORT WAYNE, Ind. (WOWO): The City of Fort Wayne is disputing a report that gives the city a “C” grade for municipal debt.
Truth in Accounting, a non-profit organization based in Chicago, reports that there’s a gap between the city’s non-capital bills and available assets of almost $205-million. That equates to about $2,500 per taxpayer, according to the News Sentinel, and includes bonds, unfunded pension benefits, and $89.1-million in “hidden debt.”
City Controller Len Poehler is questioning the report, though, telling the paper the group greatly overstates the shortfall, which is actually around $7-million, since the state covers some pension costs.
That would put Fort Wayne 12th out of the 75 largest cities in the US, instead of its rank of 24th on the watchdog group’s report.
