City Fiscal Conditions 2021

 The City Fiscal Conditions 2021 provides insight into the impact of the COVID- 19 pandemic and proactive federal policy on city finances. This year’s analysis of survey and fiscal data from 444 cities finds that on balance, cities ended FY 2020 with the first instance of revenue loss since the Great Recession, and budgeted further decline for FY 2021. 

Steep declines in sales and income tax revenues were among the major causes of revenue loss in the sector. Although significant, these losses pale in comparison to what could have been without federal intervention. The report’s findings show that federal assistance has been instrumental in helping cities recover from the pandemic and contributing to a more positive economic outlook.