Among the 75 most populous U.S. cities, Austin ranks 55th for the state of its finances, chalking up $10,300 in liabilities per taxpayer, according to a Truth in Accounting (TIA) analysis of municipal data released this month.
The nonprofit group, which promotes financial transparency in government, gave Austin a “D” grade for its fiscal policies. TIA gave “D” grades to all cities surveyed that have per-taxpayer debts amounting to between $5,000 and $20,000.
Only 14 of the cities were in the black, having more assets than liabilities, while 61 of them carried a wide range of debts, according to TIA. The data is based on fiscal-year 2020 audited municipal financial reports.
In FY 2020, Austin was short $3 billion to pay all of its obligations, which included unfunded pension plans and health care costs, the study found. The city has suffered from poor fiscal management for several years, TIA said, having failed to fully fund its workers’ retirement obligations.
Even though the cities received federal assistance to deal with the coronavirus pandemic in 2020, most cities’ financial situations worsened, according to the study. On average, liabilities in all 75 cities combined increased in FY 2020 by $23.5 billion compared to the previous year, TIA said.
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Ranking the Financial Health of the Largest U.S. Cities
| Rank | City | Per Capita Surplus / Shortfall |
| 1 | Washington, D.C. | $4,800 |
| 2 | Irvine, Calif. | $4,700 |
| 3 | Lincoln, Neb. | $3,100 |
| 4 | Plano, Texas | $2,700 |
| 5 | Aurora, Ill. | $2,600 |
| 6 | Tampa, Fla. | $2,300 |
| 7 | Raleigh, N.C. | $2,200 |
| 8 | Fresno, Calif. | $1,300 |
| 9 | Charlotte, S.C. | $1,100 |
| 10 | Wichita, Kan. | $900 |
| 11 | Corpus Christi, Texas | $800 |
| 12 | Colorado Springs, Colo. | $300 |
| 13 | Long Beach, Calif. | $100 |
| 14 | Cleveland | $29 |
| 15 | Oklahoma City | -$46 |
| 16 | Stockton, Calif. | -$300 |
| 17 | Tulsa, Okla. | -$300 |
| 18 | Arlington, Texas | -$700 |
| 19 | Orlando, Fla. | -$900 |
| 20 | Minneapolis | -$1,100 |
| 21 | Chula Vista, Calif. | -$1,200 |
| 22 | Bakersfield, Calif. | -$1,200 |
| 23 | Columbus, Ohio | -$1,200 |
| 24 | Fort Wayne, Ind. | -$1,300 |
| 25 | Toledo, Ohio | -$1,400 |
| 26 | Greensboro, N.C. | -$1,500 |
| 27 | Las Vegas, Nev. | -$1,600 |
| 28 | Henderson, Nev. | -$2,300 |
| 29 | Riverside, Calif. | -$2,300 |
| 30 | Seattle, Wash. | -$2,800 |
| 31 | Louisville, Ky. | -$3,000 |
| 32 | San Antonio, Texas | -$3,100 |
| 33 | St. Paul, Minn. | -$3,100 |
| 34 | Virginia Beach, Va. | -$3,400 |
| 35 | Indianapolis | -$3,500 |
| 36 | Sacramento, Calif. | -$4,300 |
| 37 | Denver | -$4,700 |
| 38 | Atlanta | -$4,800 |
| 39 | Memphis, Tenn. | -$4,800 |
| 40 | El Paso, Texas | -$4,900 |
| 41 | Santa Ana, Calif. | -$5,300 |
| 42 | Mesa, Ariz. | -$6,200 |
| 43 | Anchorage, Alaska | -$6,200 |
| 44 | Los Angeles | -$6,400 |
| 45 | San Diego | -$6,400 |
| 46 | Albuquerque, N.M. | -$6,400 |
| 47 | Phoenix | -$6,500 |
| 48 | Anaheim, Calif. | -$6,600 |
| 49 | Detroit | -$7,600 |
| 50 | Omaha, Neb. | -$7,700 |
| 51 | Tucson, Ariz. | -$8,300 |
| 52 | Fort Worth, Texas | -$9,300 |
| 53 | San Jose, Calif. | -$10,200 |
| 54 | Jacksonville, Fla. | -$10,200 |
| 55 | Austin, Texas | -$10,300 |
| 56 | Lexington, Ky. | -$10,500 |
| 57 | Boston | -$10,600 |
| 58 | Dallas | -$12,700 |
| 59 | Kansas City, Mo. | -$12,800 |
| 60 | Houston | -$13,200 |
| 61 | Miami | -$13,800 |
| 62 | Pittsburgh | -$14,900 |
| 63 | Milwaukee, Wis. | -$15,000 |
| 64 | Oakland, Calif. | -$17,200 |
| 65 | St. Louis | -$17,500 |
| 66 | Cincinnati | -$18,200 |
| 67 | San Francisco | -$19,000 |
| 68 | Nashville, Tenn. | -$19,800 |
| 69 | New Orleans | -$19,900 |
| 70 | Baltimore | -$21,300 |
| 71 | Portland, Ore. | -$24,900 |
| 72 | Philadelphia | -$25,900 |
| 73 | Honolulu | -$31,700 |
| 74 | Chicago | -$43,100 |
| 75 | New York City | -$71,400 |
Source: Truth in Accounting
