Cleveland's Financial Crisis

GGD-96-164R: Published: Aug 21, 1996. Publicly Released: Aug 21, 1996.

Additional Materials:


Office of Public Affairs
(202) 512-4800

Pursuant to a congressional request, GAO provided information on the city of Cleveland's financial recovery in the 1970's. GAO noted that the city: (1) established several public-private partnerships to deliver more efficient and economical city services; (2) increased income taxes to 1.5 percent to avoid bankruptcy; (3) established a Financial Planning and Supervision Commission to develop a sound financial recovery plan; (4) issued the state of Ohio short-term notes and general obligation bonds to repay its defaulted loans; and (5) set up an improved financial management system to track and control expenditures, reduced its full-time workforce by 1,300 employees, and required the Municipal Light and Power Company and other city enterprises to operate on a self-supporting basis.

Nov 16, 2020

Nov 10, 2020

Nov 9, 2020

Nov 6, 2020

Oct 13, 2020

Sep 30, 2020

Sep 9, 2020

Looking for more? Browse all our products here