Miami has the highest taxpayer burden out of Florida’s four largest cities, according to an analysis from Truth in Accounting.
In its annual report that assesses the financial health of the 75 most populous U.S. cities, TIA found that two-thirds of them didn’t have enough money to pay their bills. Their combined debt totals $266.5 billion; combined pension debt totals $109.8 billion; and combined OPEB (other post-employment benefits) debt totals $168.7 billion.
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Nashville ranked 68th out of the 75 largest cities in the U.S. in total debt per taxpayer, according to Truth in Accounting’s new Financial State of the Cities report.
TIA’s analysis examined the financial health of America’s 75 most-populous cities and calculated how much each resident would have to pay to cover all of their city’s bills. The calculations were based on fiscal year 2020 audited financial reports.
The analysis found debt increased during the start of the COVID-19 pandemic despite federal funding being available. The total debt in the 75 cities increased $23 billion in 2020 to $357 billion total.
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Nashville recently was named a “Bottom 5 Sinkhole City” by the nonpartisan think tank Truth in Accounting (TIA) in its fifth annual Financial State of the Cities report.
TIA examined the fiscal health of the 75 most-populous U.S. cities and graded and ranked the cities accordingly. The 2021 report is based on fiscal year 2019 comprehensive annual financial reports.
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A Chicago-based nonprofit gives Memphis a C grade for its fiscal health. This same nonprofit, Truth in Accounting, gave Nashville something even worse — a grade of D.
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