Liabilities and assets
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A city, county, state or any corporation or fiscally active organization can calculate its net worth by comparing assets to liabilities.
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Liabilities are debts owed, projected costs or, in general, any monetary obligations of an entity. Assets are the current or reasonably estimated projected resources available to the entity. In relation to city budgets, pension funds or other funds, the fund is considered to have unfunded liabilities when its liabilities exceed its assets. Due to recent market declines, many public pension and healthcare funds across the country have debts, expected costs and projected payouts that far exceed the money in the fund, the projected investment returns and expected employee and employer contributions to the fund.[1][2]
See also
External links
- Governing.com, "State Pension Plans: Liabilities, Funded Ratios," accessed December 10, 2013
- The Pew Charitable Trust, "A Widening Gap in Cities," January 2013
- The Pew Charitable Trust, "Pew Study Finds 61 Cities' Retirement Systems Face $217 Billion Gap"
Footnotes