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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.

Liabilities are debts owed, projected costs or in general any obligations of an entity. Assets are the currenty 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, most public pension and healthcare funds across the country currently 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 of the fund.

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