New York City : State Data and Comparisons : Data-Z

New York City, NY

TIA Data

2023 Financial State of New York City (Released 02/27/2024)

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New York City owes more than it owns.

New York City has a -$56,800 Taxpayer Burden.™

New York City is a Sinkhole City without enough assets to cover its debt.

Decisions by elected officials have created a Taxpayer Burden™, which is each taxpayer's share of city bills after its available assets have been tapped.

TIA's Taxpayer Burden™ measurement incorporates all assets and liabilities, including retirement obligations.

New York City only has $92.4 billion of assets available to pay bills totaling $276.6 billion.

Because New York City doesn't have enough money to pay its bills, it has a -$184.2 billion financial hole. To erase this shortfall, each New York City taxpayer would have to send -$56,800 to the city.

New York City's reported net position is understated by $18.9 billion, largely because the city defers recognizing gains resulting from decreases in retirement liabilities.

The city's financial report was released 118 days after its fiscal year end, which is considered timely according to the 180 day standard.