The city of Detroit owes more than it has available to pay its bills – $1,600 per taxpayer, according to a national watchdog group. The news comes more than a decade after the city entered federal bankruptcy court.

But that only covers Chicago’s debts. Those same taxpayers would need to contribute an additional $37,000 to pay down the state’s existing debts, according to Truth in Accounting’s most recent 2024 State of the States report.

Despite continuing to increase taxes on residents, five of Texas’ largest cities are in the red, according to an analysis by Truth in Accounting, a Chicago-based nonpartisan fiscal transparency think tank. Four of the five are run by Democrats.

The “Financial State of the Cities 2025” report by Truth in Accounting provides a comprehensive analysis of the fiscal health of America’s 75 largest municipalities. Alarmingly, it reveals that 54 of these cities lack the necessary funds to meet their financial obligations.​

Turns out $5 billion in pension debt has consequences.

The new Truth in Accounting Financial State of the Cities report shows Jacksonville ranked #60 among 75 major cities. It received a D grade because it is $3.6 billion in the hole.

Memphis and Nashville governments are operating at a deficit, but Nashville improved its finances in the past year, according to a report released Thursday by Truth in Accounting.

Out of the four Florida cities, two of them had taxpayer surpluses (Orlando and Tampa) and two (Jacksonville and Miami) had burdens.  The report authors said Tampa rose from 12th in last year’s rankings due to reductions in its pension liabilities thanks to a strong rebound for its investments.

Respectively, the City of Oaks has the same ranking as last year, and the Queen City and Tournament Town each climbed four spots. The ninth annual Financial State of the Cities report, produced in cooperation with the Daniels School of Business at the University of Denver, measures fiscal health of the 75 most populous cities based on comprehensive financial reports dated 2023.

The Financial State of the Cities report found that 54 cities did not have enough money to pay their bills. Each city has some form of a balanced budget requirement, but this new report shows that cities have not met the intent of their requirement and have pushed costs onto future taxpayers.

Illinois’ tardiness with its ACFR is part of why Truth in Accounting graded it an ‘F’ in its most recent Financial State of States. From that report: