A new report on the financial condition of America’s 75 largest cities ranked Detroit no. 39 of 75 for its fiscal health in fiscal year 2022. The report found that the majority of the cities did not have enough money to pay their bills, despite increased tax revenues and COVID relief funds.
The analysis by Truth in Accounting, a non-profit government finance watchdog group, found Detroit needed $617.2 million to pay its bills. This means that each Detroit taxpayer would have to pay $3,000 to get the city out of debt, which is why it received a "C" grade for its fiscal health.
It is important to note that continued market fluctuations, changing investment values, decreased COVID relief funds, and a stabilizing economy that may slow tax collections, could worsen Detroit’s financial health further.
