In fiscal 2022, 70 percent of the largest cities in the U.S. did not have enough money to pay their bills.
In the latest comprehensive analysis of the fiscal health of the 75 most populous cities in the U.S., 53 did not have enough money to pay all of their bills, according to a Truth in Accounting analysis of the latest annual comprehensive financial reports from 2022.
In its eighth annual Financial State of the Cities report, TIA found that the 75 largest cities in the U.S. had $307.4 billion worth of assets available to pay bills but their debt, including unfunded retirement benefit promises, totaled $595.3 billion.