It is easy to tell when our own finances are strong. We have more money to spend, more money to save, and in general, worry a lot less. Cities can be a bit harder to figure out. The Fiscal Times, in an attempt to find the country’s fiscally-strongest cities, has compiled an index of 116 US Cities with over 200,000 residents.
Out of 116 other large U.S. Cities, the City of Glendale ranked sixth in the nation for its strong finances and reductions in unemployment. The Fiscal Times used a methodology that attempted to move away from outdated methods of rating fiscal health, and embrace a wider vision of what makes a city fiscally strong. The index used five criteria:
The ratio of a city’s general fund balance to its expenditures
The ratio of its long term obligations (including OPEB but excluding pensions) to total government-wide revenues
The ratio of actuarially determined pension contributions to total government-wide revenues
Change in local unemployment rate
Change in property values
Glendale’s values can be found in the table below.
Glendale’s financial health is a testament not only to the fact that the Jewel City is a wonderful place to live and work, but also to the services the City provides its residents. As a full service city, Glendale’s own fiscal strength helps to support city services such as fire, police, Glendale Water & Power, and other important resources that residents utilize on a daily basis. Being ranked sixth in the nation for fiscal security is then not only good news for City government, but for the community as a whole.
This ranking is just one of the many Glendale has received in recent months including being considered “5th Most Fun City in California”, “9th Least Sinful City in America”, and being the city with the “7th Lowest Property Crime Rate Among Midsize Pacific Cities”.
For more information on The Fiscal Times’ ranking and methodology, click here
MyGlendaleCityNews is your online hub for all official Glendale news and updates. We're dedicated to informing and entertaining readers by showcasing all Glendale has to offer from a local government, cultural and business perspective.