Big Debts and Big Surpluses in U.S. Cities
The majority of the United States’ largest cities are facing big financial difficulties. According to a recent report from Truth in Accounting, 63 of the 75 largest cities owe staggering amounts of debt. A recent article from Accounting Today examines the situation.
The article reports the following statistics:
- 12 of the 75 largest cities have budget surpluses
- New York City, New York is in the worst financial situation, with debt equaling $63,100 per taxpayer
- Chicago, Illinois comes in second, with debt equaling $37,100 per taxpayer
- The average debt-per-taxpayer ratio of the 75 cities is $7,040
- Irvine, California boasts a budget surplus equaling $4,100 per taxpayer
For more details, including the entire ranking of the 75 cities, click here to visit Accounting Today.