Each Philadelphia Resident Has Liabilities equaling $25,500 in liabilities, per taxpayer, according to the same report.
Among the 75 most populous cities in the U.S., Pittsburgh ranks 64th for the state of its finances, having $15,600 in liabilities per taxpayer, according to a Truth in Accounting (TIA) analysis of municipal data released last month.
Coming in at number 72 is the City of Philadelphia having
The nonprofit group, which promotes financial transparency in government, gave Pittsburgh a grade of "D" for its fiscal policies.
The numbers are based on 2018 comprehensive financial reports. Altogether, the 75 largest cities have a cumulative shortfall to pay off all their debts amounting to $323 billion, according to TIA.
Sixty-three of the 75 cities studied by TIA lack sufficient funds to pay off all their debts, including promised pension benefits for public employees.
In recent years, municipal government finances have become more transparent due to requirements that agencies disclose pension and other paid benefits on balance sheets, the TIA study said.
Grading the Finances of the Largest U.S. Cities
published by the Gloucestercitynews.net with permission of The Center Square