New York City has liabilities equaling $63,100 per taxpayer

Among the 75 most populous cities in the U.S., New York City ranks last for the state of its finances, having $63,100 in liabilities  per taxpayer, according to a Truth in Accounting (TIA) analysis of municipal data released last month. 

The nonprofit group, which promotes financial transparency in government, gave New York City a grade of "F" for its fiscal policies. 

The numbers are based on 2018 comprehensive financial reports. Altogether, the 75 largest cities have a cumulative shortfall to pay off all their debts amounting to $323 billion, according to TIA.

Sixty-three of the 75 cities studied by TIA lack sufficient funds to pay off all their debts, including promised pension benefits for public employees.

In recent years, municipal government finances have become more transparent due to requirements that agencies disclose pension and other paid benefits on balance sheets, the TIA study said.


Grading the Finances of the Largest U.S. Cities

RankCityTaxpayer Share of City's Surplus or LiabilityGrade
1Irvine, Calif.$4,100B
2Washington, D.C.$3,500B
3Charlotte, S.C.$3,400B
4Fresno, Calif.$3,200B
5Plano, Texas$2,800B
6Stockton, Calif.$2,600B
7Lincoln, Neb.$2,500B
8Aurora, Colo.$2,200B
9Arlington, Texas$2,100B
10Tampa, Fla.$1,700B
11Raleigh, N.C.$1,400B
12Tulsa, Okla.$100B
13Corpus Christi, Texas-$300C
14Oklahoma City-$400C
15Long Beach, Calif.-$500C
16Greensboro, N.C.-$700C
17San Antonio, Texas-$1,100C
18Wichita, Kan.-$1,200C
19Louisville, Ky.-$1,300C
20Bakersfield, Calif.-$1,600C
21Fort Wayne, Ind.-$1,700C
23Henderson, Nev.-$1,900C
24Las Vegas-$2,100C
25Virginia Beach, Va.-$2,100C
26Colorado Springs. Colo.-$2,300C
27Chula Vista, Calif.-$2,300C
28Orlando, Fla.-$2,300C
29St. Paul, Minn.-$2,300C
30Riverside, Calif.-$3,300C
31Austin, Texas-$3,300C
33Memphis, Tenn.-$3,700C
34El Paso, Texas-$3,900C
35Los Angeles-$4,000C
36Toledo, Ohio-$4,100C
37San Diego-$4,500C
38Sacramento, Calif.-$4,600C
39Columbus, Ohio-$4,800C
40Cleveland, Ohio-$5,100D
42Mesa, Ariz.-$5,300D
43Santa Ana, Calif.-$5,400D
47Anaheim, Calif.-$6,200D
49Omaha, Neb.-$7,100D
50Anchorage, Alaska-$7,800D
51Tucson, Ariz.-$8,100D
52Jacksonville, Fla.-$8,500D
53Lexington, Ky.-$9,100D
55San Jose-$9,400D
56Kansas City, Mo.-$9,800D
61Fort Worth, Texas-$12,300D
62Milwaukee, Wis.-$12,800D
63St. Louis-$14,500D
67San Francisco-$17,000D
68Nashville, Tenn.-$18,400D
69Portland, Ore.-$18,400D
70Oakland, Calif.-$18,600D
71New Orleans-$18,800D
75New York City-$63,100F
Source: Truth in Accounting

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