Cleveland Finances Earn 'C' Grade

A new report on the financial condition of the 75 most populous cities ranks Cleveland no. 35 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 Cleveland needs $639 million to get out of the red, or $4,700 from each of its taxpayers.

According to the watchdog's annual Financial State of the Cities report, Cleveland has $2,286 million in bills and only $1,647 million in available assets to pay those bills after capital and restricted assets are excluded. This results in a $639 million shortfall, or a $4,700 Cleveland 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 Cleveland does not have enough money to pay its bills, which is why it received a "C" grade for its fiscal health.

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