Financial State of the Cities An Annual Report by Truth in Accounting

[The North One]

This is our fourth annual Financial State of the Cities (FSOC) report, a comprehensive analysis of the fiscal health of the nation’s 75 most populous cities based on fiscal year 2018 comprehensive annual financial reports (CAFRs)*.

FAST FACTS for the top and bottom cities:

●Irvine has $626 million available in assets to pay $245.5 million worth of bills.
●The outcome is a $380.4 million surplus, which breaks down to $4,100 per taxpayer.
●For the third year in a row, Irvine has ranked first in our report. The city should be commended for maintaining a strong financial condition.

●New York City has $62.7 billion available to pay $249.4 billion worth of bills.
●The outcome is a $186.7 billion shortfall, which breaks down to a burden of $63,100 per taxpayer.
●This means that each taxpayer would pay $63,100 in future taxes without receiving any related services or benefits.

1. Irvine Taxpayer Surplus: $4,100

2. Washington, D.C. Taxpayer Surplus: $3,500

3. Charlotte Taxpayer Surplus: $3,400

4. Fresno Taxpayer Surplus: $3,200

5. Plano Taxpayer Surplus: $2,800

6. Stockton Taxpayer Surplus: $2,600

7. Lincoln Taxpayer Surplus: $2,500

8. Aurora Taxpayer Surplus: $2,200

9. Arlington Taxpayer Surplus: $2,100

10. Tampa Taxpayer Surplus: $1,700

11. Raleigh Taxpayer Surplus: $1,400

12. Tulsa Taxpayer Surplus: $100

13. Corpus Christi Taxpayer Burden: $300

14. Oklahoma City Taxpayer Burden: $400

15. Long Beach Taxpayer Burden: $500

16. Greensboro Taxpayer Burden: $700

17. San Antonio Taxpayer Burden: $1,100

18. Wichita Taxpayer Burden: $1,200

19. Louisville Taxpayer Burden: $1,300

20. Bakersfield Taxpayer Burden: $1,600

21. Fort Wayne Taxpayer Burden: $1,700

22. Minneapolis Taxpayer Burden: $1,900

23. Henderson Taxpayer Burden: $1,900

24. Las Vegas Taxpayer Burden: $2,100

25. Virginia Beach Taxpayer Burden: $2,100

26. Colorado Springs Taxpayer Burden: $2,300

27. Chula Vista Taxpayer Burden: $2,300

28. Orlando Taxpayer Burden: $2,300

29. Saint Paul Taxpayer Burden: $2,300

30. Riverside Taxpayer Burden: $3,300

31. Austin Taxpayer Burden: $3,300

32. Indianapolis Taxpayer Burden: $3,500

33. Memphis Taxpayer Burden: $3,700

34. El Paso Taxpayer Burden: $3,900

35. Los Angeles Taxpayer Burden: $4,000

36. Toledo Taxpayer Burden: $4,100

37. San Diego Taxpayer Burden: $4,500

38. Sacramento Taxpayer Burden: $4,600

39. Columbus Taxpayer Burden: $4,800

40. Cleveland Taxpayer Burden: $5,100

41. Detroit Taxpayer Burden: $5,100

42. Mesa Taxpayer Burden: $5,300

43. Santa Ana Taxpayer Burden: $5,400

44. Seattle Taxpayer Burden: $5,400

45. Phoenix Taxpayer Burden: $5,500

46. Albuquerque Taxpayer Burden: $5,800

47. Anaheim Taxpayer Burden: $6,200

48. Denver Taxpayer Burden: $6,500

49. Omaha Taxpayer Burden: $7,100

50. Anchorage Taxpayer Burden: $7,800

51. Tucson Taxpayer Burden: $8,100

52. Jacksonville Taxpayer Burden: $8,500

53. Lexington Taxpayer Burden: $9,100

54. Dallas Taxpayer Burden: $9,400

55. San Jose Taxpayer Burden: $9,400

56. Kansas City, MO Taxpayer Burden: $9,800

57. Atlanta Taxpayer Burden: $9,900

58. Boston Taxpayer Burden: $10,200

59. Miami Taxpayer Burden: $10,600

60. Houston Taxpayer Burden: $11,600

61. Fort Worth Taxpayer Burden: $12,300

62. Milwaukee Taxpayer Burden: $12,800

63. St. Louis Taxpayer Burden: $14,500

64. Pittsburgh Taxpayer Burden: $15,600

65. Cincinnati Taxpayer Burden: $15,600

66. Baltimore Taxpayer Burden: $16,000

67. San Francisco Taxpayer Burden: $17,000

68. Nashville Taxpayer Burden: $18,400

69. Portland Taxpayer Burden: $18,400

70. Oakland Taxpayer Burden: $18,600

71. New Orleans Taxpayer Burden: $18,800

72. Philadelphia Taxpayer Burden: $25,500

73. Honolulu Taxpayer Burden: $26,400

74. Chicago Taxpayer Burden: $37,100

75. New York City Taxpayer Burden: $63,100

Sources: https://www.truthinaccounting.org/li...ities-2020.pdf
https://www.truthinaccounting.org/ne...-of-the-cities

[CherryCreek]

Originally Posted by The North One

1. Irvine Taxpayer Surplus: $4,100

2. Washington, D.C. Taxpayer Surplus: $3,500

3. Charlotte Taxpayer Surplus: $3,400

4. Fresno Taxpayer Surplus: $3,200

5. Plano Taxpayer Surplus: $2,800

6. Stockton Taxpayer Surplus: $2,600

7. Lincoln Taxpayer Surplus: $2,500

8. Aurora Taxpayer Surplus: $2,200

9. Arlington Taxpayer Surplus: $2,100

10. Tampa Taxpayer Surplus: $1,700



Sources: https://www.truthinaccounting.org/li...ities-2020.pdf
https://www.truthinaccounting.org/ne...-of-the-cities

Whenever I see these sort of "analysis" from entities I've never heard of, I always wonder who they are, and whether they have an agenda or backing that could color their analysis.

Looking at Truth in Accounting, I find this from Source Watch:

State Policy Network

Truth in Accounting (TIA) is a right-wing 501(c)3 non profit and a former associate member of the State Policy Network (SPN).[1] Founded in 2002, the deficit alarmist organization compiles and analyzes government financials on the local, state and federal level.

Truth in Accounting publishes an annual "Fiscal State of the States" report analyzing state fiscal numbers and ranking them based off of taxpayer share of debt. TIA launched its State Data Lab in 2012, an interactive website that displays information about state debts, liabilities and assets.[2] The State Data Lab uses the American Legislative Exchange Council's (ALEC's) Rich States, Poor States state economic outlook rankings analysis, relating it to TIA's "Taxpayer Burden" estimate.[3]

SPN is a web of right-wing “think tanks” and tax-exempt organizations in 50 states, Washington, D.C., Canada, and the United Kingdom. As of January 2020, SPN's membership totals 163. Today's SPN is the tip of the spear of far-right, nationally funded policy agenda in the states that undergirds extremists in the Republican Party. SPN Executive Director Tracie Sharp told the Wall Street Journal in 2017 that the revenue of the combined groups was some $80 million, but a 2019 analysis of SPN's main members IRS filings by the Center for Media and Democracy shows that the combined revenue is over $120 million.[4] Although SPN's member organizations claim to be nonpartisan and independent, the Center for Media and Democracy's in-depth investigation, "EXPOSED: The State Policy Network -- The Powerful Right-Wing Network Helping to Hijack State Politics and Government," reveals that SPN and its member think tanks are major drivers of the right-wing, American Legislative Exchange Council (ALEC)-backed corporate agenda in state houses nationwide, with deep ties to the Koch brothers and the national right-wing network of funders.[5]

In response to CMD's report, SPN Executive Director Tracie Sharp told national and statehouse reporters that SPN affiliates are "fiercely independent." Later the same week, however, The New Yorker's Jane Mayer caught Sharp in a contradiction. In her article, "Is IKEA the New Model for the Conservative Movement?," the Pulitzer-nominated reporter revealed that, in a recent meeting behind closed doors with the heads of SPN affiliates around the country, Sharp "compared the organization’s model to that of the giant global chain IKEA." She reportedly said that SPN "would provide 'the raw materials,' along with the 'services' needed to assemble the products. Rather than acting like passive customers who buy finished products, she wanted each state group to show the enterprise and creativity needed to assemble the parts in their home states. 'Pick what you need,' she said, 'and customize it for what works best for you.'" Not only that, but Sharp "also acknowledged privately to the members that the organization's often anonymous donors frequently shape the agenda. 'The grants are driven by donor intent,' she told the gathered think-tank heads. She added that, often, 'the donors have a very specific idea of what they want to happen.'"[6]

A set of coordinated fundraising proposals obtained and released by The Guardian in early December 2013 confirm many of these SPN members' intent to change state laws and policies, referring to "advancing model legislation" and "candidate briefings." These activities "arguably cross the line into lobbying," The Guardian notes.[7]

Source Watch itself is a clearly a liberal group with its own agenda, so there you are. But the the "non-partisan" (hehehe) Truth in Accounting makes it sound like its a CPA group just dedicated to damn fine accounting!

Lol.

[The North One]

^Ok? cool.

You have a better list?

[edale]

How does Detroit's bankruptcy factor into this? I thought the city had massive debts and no ability to pay them, so I would have assumed their taxpayer burden to be way worse than what's shown here. If bankruptcy effectively cleared the debt, how is the city already back in debt to the tune of $5100 per tax payer?

[The North One]

^
Read the PDF

Detroit’s financial problems stem mostly from unfunded retirement obligations that have accumulated over the years. Of the $6.7 billion in promised pension benefits, the city has not funded $1.7 billion.

The city exited bankruptcy in 2014, pensions were cut, creditors had to take huge losses often in exchange for land.

The city still has to pay pensions but not until 2024, it sets aside money for this every year with it's budget surplus.

[Kngkyle]

Weird that I hear so much about Chicago's financial problems but not a peep about New York's. Granted Chicago suffers from the State of Illinois also being in shambles, but I doubt New York state is that much better off.

[mhays]

Originally Posted by The North One

^Ok? cool.

You have a better list?

It's extremely important to know the context of any list. Nothing wrong with posting it imo, but that's the real value.

I hope you're not suggesting that a person providing context is also required to find a better source.

[craigs]

Originally Posted by The North One

^Ok? cool.

You have a better list?

How did you find this extremist right-wing, Koch-funded cabal's list in the first place? Why did you post it here?

[The North One]

Originally Posted by craigs

How did you find this extremist right-wing, Koch-funded cabal's list in the first place? Why did you post it here?

Uhh lets see, basic daily news reported it. lmfao

[The North One]

Originally Posted by mhays

It's extremely important to know the context of any list. Nothing wrong with posting it imo, but that's the real value.

I hope you're not suggesting that a person providing context is also required to find a better source.

No but it seems like pretty objective data. The context is that they're audited comprehensive annual financial reports (CAFR) submitted by governments and compiled together. Is there something in here skewed that compromises it? Anybody could put this together.

[craigs]

The data beneath the spin may or may not be true. I will not grant the benefit of the doubt to an entity that exists solely to provide propaganda touting the right-wing extremist Koch agenda.

[Jasoncw]

Originally Posted by edale

How does Detroit's bankruptcy factor into this? I thought the city had massive debts and no ability to pay them, so I would have assumed their taxpayer burden to be way worse than what's shown here. If bankruptcy effectively cleared the debt, how is the city already back in debt to the tune of $5100 per tax payer?

The point of declaring bankruptcy is to get rid of debts.

I don't remember the specifics, but the remaining debt is related to pensions and retiree benefits and that kind of stuff. While those things did take a hit in the bankruptcy, they weren't wiped out entirely (it would be inhumane to do that), but the city was given a few years break before having to start paying off those things. So the city has been saving up money (the city has been running a decent surplus since then) in preparation for that. But things are looking good for the city's finances, and recently the city's bond rating has been upgraded.

[Crawford]

Originally Posted by Kngkyle

Weird that I hear so much about Chicago's financial problems but not a peep about New York's.

Because NYC and Chicago have totally different issues. NYC has high taxes on residents and (especially) businesses, hence no revenues issues. NYC has a spending problem, Chicago has a revenues problem.

Chicago has no city income tax, its commercial property taxes are a joke, and gives away billions in potential tax revenues in TIFs (Tax Increment Financing). TIFs are illegal in NYC.

Commercial property in Manhattan is taxed at multiples more than elsewhere in the U.S. Not the amount, the rate. So the revenues are insane. NYC has a bigger budget than Texas. Meanwhile Chicago is literally giving away money to commercial property owners in the best neighborhoods via TIFs.

Also, unlike Chicago, NYC can't run deficits. Since the late 70's financial crisis, it has been barred from deficits and funky accounting practices, which are practically religion in Chicago.

[dimondpark]

That's it, Im moving to Fresno because the per capita municipal tax burden is lower...said no one ever.

[Crawford]

Originally Posted by dimondpark

That's it, Im moving to Fresno because the per capita municipal tax burden is lower...said no one ever.

It also makes no sense because "municipal tax burden" ≠ "per capita tax burden". Some cities burden businesses heavily, some barely at all.

NYC could have zero income taxes and zero residential property taxes and it would still have a relatively high per capita tax burden, because of commercial taxes.

[dimondpark]

Originally Posted by Crawford

It also makes no sense because "municipal tax burden" ≠ "per capita tax burden". Some cities burden businesses heavily, some barely at all.

NYC could have zero income taxes and zero residential property taxes and it would still have a relatively high per capita tax burden, because of commercial taxes.

Yup.

[Pedestrian]

This says Stockton, CA, one of the few cities in post-war American ever to officially go bankrupt, has a $2600 SURPLUS. Something doesn’t compute.

[Pedestrian]

Originally Posted by edale

How does Detroit's bankruptcy factor into this? I thought the city had massive debts and no ability to pay them, so I would have assumed their taxpayer burden to be way worse than what's shown here. If bankruptcy effectively cleared the debt, how is the city already back in debt to the tune of $5100 per tax payer?

I seem to recall Detroit has an art museum with some very valuable art in its collection and the question came up whether it should be forced to sell off that art in order to pay its debts in bankruptcy. Ultimately, I don’t believe it was.

[iheartthed]

I hope those cities with a "surplus" are writing checks back to their taxpayers.

[Obadno]

Originally Posted by The North One

1. Irvine Taxpayer Surplus: $4,100

2. Washington, D.C. Taxpayer Surplus: $3,500

3. Charlotte Taxpayer Surplus: $3,400

4. Fresno Taxpayer Surplus: $3,200

5. Plano Taxpayer Surplus: $2,800

6. Stockton Taxpayer Surplus: $2,600

7. Lincoln Taxpayer Surplus: $2,500

8. Aurora Taxpayer Surplus: $2,200

9. Arlington Taxpayer Surplus: $2,100

10. Tampa Taxpayer Surplus: $1,700

11. Raleigh Taxpayer Surplus: $1,400

12. Tulsa Taxpayer Surplus: $100

13. Corpus Christi Taxpayer Burden: $300

14. Oklahoma City Taxpayer Burden: $400

15. Long Beach Taxpayer Burden: $500

16. Greensboro Taxpayer Burden: $700

17. San Antonio Taxpayer Burden: $1,100

18. Wichita Taxpayer Burden: $1,200

19. Louisville Taxpayer Burden: $1,300

20. Bakersfield Taxpayer Burden: $1,600

21. Fort Wayne Taxpayer Burden: $1,700

22. Minneapolis Taxpayer Burden: $1,900

23. Henderson Taxpayer Burden: $1,900

24. Las Vegas Taxpayer Burden: $2,100

25. Virginia Beach Taxpayer Burden: $2,100

26. Colorado Springs Taxpayer Burden: $2,300

27. Chula Vista Taxpayer Burden: $2,300

28. Orlando Taxpayer Burden: $2,300

29. Saint Paul Taxpayer Burden: $2,300

30. Riverside Taxpayer Burden: $3,300

31. Austin Taxpayer Burden: $3,300

32. Indianapolis Taxpayer Burden: $3,500

33. Memphis Taxpayer Burden: $3,700

34. El Paso Taxpayer Burden: $3,900

35. Los Angeles Taxpayer Burden: $4,000

36. Toledo Taxpayer Burden: $4,100

37. San Diego Taxpayer Burden: $4,500

38. Sacramento Taxpayer Burden: $4,600

39. Columbus Taxpayer Burden: $4,800

40. Cleveland Taxpayer Burden: $5,100

41. Detroit Taxpayer Burden: $5,100

42. Mesa Taxpayer Burden: $5,300

43. Santa Ana Taxpayer Burden: $5,400

44. Seattle Taxpayer Burden: $5,400

45. Phoenix Taxpayer Burden: $5,500

46. Albuquerque Taxpayer Burden: $5,800

47. Anaheim Taxpayer Burden: $6,200

48. Denver Taxpayer Burden: $6,500

49. Omaha Taxpayer Burden: $7,100

50. Anchorage Taxpayer Burden: $7,800

51. Tucson Taxpayer Burden: $8,100

52. Jacksonville Taxpayer Burden: $8,500

53. Lexington Taxpayer Burden: $9,100

54. Dallas Taxpayer Burden: $9,400

55. San Jose Taxpayer Burden: $9,400

56. Kansas City, MO Taxpayer Burden: $9,800

57. Atlanta Taxpayer Burden: $9,900

58. Boston Taxpayer Burden: $10,200

59. Miami Taxpayer Burden: $10,600

60. Houston Taxpayer Burden: $11,600

61. Fort Worth Taxpayer Burden: $12,300

62. Milwaukee Taxpayer Burden: $12,800

63. St. Louis Taxpayer Burden: $14,500

64. Pittsburgh Taxpayer Burden: $15,600

65. Cincinnati Taxpayer Burden: $15,600

66. Baltimore Taxpayer Burden: $16,000

67. San Francisco Taxpayer Burden: $17,000

68. Nashville Taxpayer Burden: $18,400

69. Portland Taxpayer Burden: $18,400

70. Oakland Taxpayer Burden: $18,600

71. New Orleans Taxpayer Burden: $18,800

72. Philadelphia Taxpayer Burden: $25,500

73. Honolulu Taxpayer Burden: $26,400

74. Chicago Taxpayer Burden: $37,100

75. New York City Taxpayer Burden: $63,100

Sources: https://www.truthinaccounting.org/li...ities-2020.pdf
https://www.truthinaccounting.org/ne...-of-the-cities

What I find interesting actually its that Politically, Demographically and Financially these cities are all over the place.