(The Center Square) – A report on the financial condition of U.S. cities found that Tampa was fourth best nationally, with a surplus of $3,400 per taxpayer.
The nonprofit Truth in Accounting reviewed the nation’s top 75 cities in its annual Financial State of the Cities report. Each city was evaluated on its income and liabilities, with a taxpayer burden if the city was to pay off its debt or a surplus if the city’s financial obligations are met.
Truth in Accounting calls cities that can’t pay their bills Sinkhole Cities and ones that can Sunshine Cities.
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.
According to the report, Tampa’s Firefighters and Police Officers’ Pension Trust Fund experienced a 15.6% loss in 2022 and rebounded with a 17.1% investment gain in 2023.
The Hillsborough County seat had $1.5 billion available to pay $1 billion worth of debt, good for a $505 million surplus.
As for other Florida cities, Orlando was 18th with a taxpayer surplus of $300 and $1.107 billion available to pay $1.070 billion worth of bills (a $37.6 million surplus).
Miami was the worst in 67th place. Taxpayers there owe $13,400 apiece to cover the city’s bills worth $2.3 billion, with most of that in pension debt ($1.44 billion).
Jacksonville taxpayers owe $9,800 apiece to pay the city’s debts, good for 60th place. According to the report, the city needs $3.6 billion to cover its bills after the city’s expenses increased by $433.7 million from fiscal year 2022 to 2023. This outpaced $304.5 million in tax revenue growth.
