The City and County of Honolulu’s balance sheet is in rough shape. That is the assessment of Truth In Accounting, a non-partisan think tank that promotes transparency in government financial reporting. In its annual report on the financial health of cities, the Chicago-based group found that Honolulu city government has the third-worst finances of any major American city. That conclusion was reached by comparing the value of unfunded debt to total residential population. Truth In Accounting Founder and CEO Sheila Weinberg says Honolulu is what she calls a “sinkhole” city; a municipality that has more debt than they have assets available to pay that debt.