Report finds Atlanta shifts from a surplus for taxpayers to burdening them | State

Additionally, the city received $18.3 million in grants and saw its revenue increase by $20 million. However, the city’s “unfunded pension promises” increased because of decreased pension investment values.

“According to the city’s 2022 financial report, Atlanta continued to spend large amounts of federal COVID-19 relief funds, and as the U.S. economy reopened the city took in additional tax revenue,” Truth in Accounting said in its analysis. “Such economic gains were offset by significant decreases in the value of the city’s pension investments.”

According to the group, investment market values have shifted dramatically in recent years. In 2022, this “volatility” negatively impacted the city’s pension liability and financial situation.

Truth in Accounting said Atlanta officials have only set aside 76 cents per dollar of promised pension benefits. Additionally, money has not been earmarked for promised retiree health care benefits.