A new report on the financial condition of America’s 75 largest cities ranked New York City no. 75 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 New York City needed $177.6 billion to pay its bills. This means that each New York City taxpayer would have to pay $61,800 to get the city out of debt, which is why it received a "F" 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 New York City’s financial health further.
