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.