A new report on the financial condition of America’s 75 largest cities ranked Memphis no. 44 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 Memphis needed $777.2 million to pay its bills. This means that each Memphis taxpayer would have to pay $4,000 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 Memphis’s financial health further.