Detroit's Road to Recovery

A new report on the financial condition of the 75 most populous cities ranks Detroit no. 49 in the nation for fiscal health. The report is based on the cities’ 2017 comprehensive annual financial reports, the most recent data available.

The analysis by Truth in Accounting, a non-profit government finance watchdog group, found Detroit needs $1,518 million to get out of the red, or $6,900 from each of its taxpayers.

According to the watchdog's annual Financial State of the Cities report, Detroit has $4,092 million in bills and only $2,574 million in available assets to pay those bills after capital and restricted assets are excluded. This results in a $1,518 million shortfall, or a $6,900 Detroit Taxpayer Burden™, which is each taxpayer's share of the municipal debt after the city's available assets have been tapped. TIA's Taxpayer Burden indicator incorporates both assets and liabilities, including pension debt.

The bottom line is that Detroit does not have enough money to pay its bills, which is why it received a "D" grade for its fiscal health.

You can read the full report here and Detroit's individual report here.