Austin Finances Earn 'C' Grade

A new report on the financial condition of the 75 most populous cities ranks Austin no. 32 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 Austin needs $1,155 million to get out of the red, or $4,300 from each of its taxpayers.

According to the watchdog's annual Financial State of the Cities report, Austin has $4,988 million in bills and only $3,833 million in available assets to pay those bills after capital and restricted assets are excluded. This results in a $1,155 million shortfall, or a $4,300 Austin 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 Austin 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 Austin's individual report here.