Big Debts and Big Surpluses in U.S. Cities

Volume 13 Issue 2, Public Sector Perspective

Mar 23, 2020

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.