New York Taxpayers on the Hook for $85,400

Truth in Accounting released their annual report on the debt for America’s 10 largest cities. The City Combined Taxpayer Burden Report includes the city’s largest underlying government units, such as counties and school districts. With the exception of New York City, most municipalities do not include in their annual financial reports the finances of large, underlying government units for which city taxpayers are also responsible. When adding the Taxpayer Burden of these underlying government units with the city and state Taxpayer Burden, it is clear that the debt is much greater than what one would assume.

Unlike other cities, New York City includes underlying government units within their city’s annual financial report. In essence, New York City taxpayers are required to pay the city’s debt and additional state debt. When city and state debt is combined, it means that in New York City each taxpayer has a burden of $85,400.

Although New York City’s underlying government units are accounted for in the city’s financial report, New York City’s burden is still large. If New York City continues down this unstable fiscal path, it could negatively affect the city’s economy.

This report analyzes the fiscal health of the 10 most populous U.S. cities pre-COVID-19. In conclusion, Truth in Accounting’s analysis aims to help readers understand the implications of city, county, and underlying governmental units’ debts, which creates high levels of Taxpayer Burdens for individuals living within cities that need proper resources to function and stay afloat. Overall, this report highlights the financial struggles each city went into the pandemic with and we can assume the fiscal health of these cities worsened during the pandemic.

Anna D'Aprile is a Press and Communications Intern at Truth in Accounting