New York taxpayers on the hook for -$85,600

City taxpayers are on the hook for much more than they think, according to a new analysis by government finance watchdog Truth in Accounting. This new study on the 10 largest U.S. cities found that each New York taxpayer is on the hook for -$85,600.

With the exception of New York City, most cities do not include several underlying government units, such as school districts, transit agencies, housing authorities, etc. in their annual financial reports. Taxpayers are still on the hook for the debt accrued by these underlying government entities, but you would not know it just by looking at the reported data.

When state, city, county, and other underlying government units debt is combined, New York taxpayers on the hook for -$85,600.

“Taxpayers need to be aware,” says Truth in Accounting founder and CEO Sheila Weinberg, “not only are their state and city governments in bad shape, but so are the counties, school districts, and other smaller governments.”

The bottom line is that the 10 largest U.S. cities are in much worse financial shape than many realize. Will this new information spark initiative among elected officials to reform and do something about mounting debt? Will taxpayers opt to leave or will they continue to pay increasing taxes and fees, and put up with worsening government services and infrastructure?

Read the full City Combined Taxpayer Burden report from Truth in Accounting here.