A round-up of public finance news stories from the US & Canada you might have missed this week (August 12-16).

Retirees fret over lack of safety net for city pensions

Unlike those of private employees, public workers have been warned that their pension funds aren't insured after the city entered bankruptcy protection. (The Detroit News)

Steps must be taken to ensure there are ‘no more Detroits'

The bankruptcy filing by the city of Detroit garnered a lot of media attention, but it was not unexpected. Prohibiting federal bailouts would force politicians to spend more responsibly. (The Washington Times)

US state and local governments get clean audit opinions

Most state and local governments have achieved clean audit opinions, but a poll of state finance officials found that implementing the Affordable Care Act and funding the pension costs of current and retired employees are big ongoing challenges. (Accounting Today)

Police accuse former Chicago city comptroller Amer Ahmad of money-laundering and bribery

Chicago Mayor Rahm Emanuel plans to order an audit of the work of his former comptroller, Amer Ahmad, after a federal indictment accusing Ahmad of money laundering, bribery and other public corruption charges related to his previous position as deputy treasurer in the state of Ohio. (Chicago Sun-Times)

Senate audits brings focus on need for clarity in residential requirements

A series of Canadian Senate audits has brought renewed attention to the constitutional requirement that senators reside in the province they represent, with both Conservative and Liberals saying they will push for greater clarity when the Red Chamber reconvenes this autumn. (Globe and Mail)

Record public sector layoffs slam Canada's job market in July

Government policy to reduce the size of the public sector has cut a major swath through Canada’s employment rolls, new figures have revealed. (Ottawa Citizen)