This document summarizes key challenges facing city fiscal health and local revenues. It notes that the two major sources of local revenue, property taxes and intergovernmental aid, both declined in 2010. It also discusses how 46 states limit property tax increases and how local governments shed over 500,000 jobs from 2008 to 2011 due to fiscal pressures. A series of charts and graphs examine revenue sources, expenditures, debt, reserves, pensions, and population growth for various U.S. cities.