(The Center Square) – Taxpayer surplus and burden analysis by Illinois-based Truth in Accounting ranks Raleigh eighth, Charlotte 13th and Greensboro 29th among 75 of the largest cities in America.
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 methodology is to examine the cities’ bills, their respective number of taxpayers and determine if there is burden or surplus for each. Grades of “A” or “B” are given to governments making their balanced budget requirements; “C” for passing if it comes close; and “D” and “F” when it is not balanced and there are significant taxpayer burdens.
The report said Raleigh and Charlotte, each earning a “B” grade, continued to improve “solidifying status as a Sunshine City.” Raleigh has $450.6 million available to cover future bills, creating a taxpayer surplus of $2,700. Charlotte has $321.8 million available, creating a taxpayer surplus of $1,000.
Greensboro earned a “C” grade, and the report says it “showed some improvement.” Still, the letter grade equates to a Sinkhole City in the analysis. There is $116.8 million needed to cover bills, creating a taxpayer burden of $1,100.
No cities on the list reached an “A” grade, meaning a taxpayer surplus of $10,000 or more. There were 21 at “B,” or surplus of $1 to $9,999; 27 were “C,” or taxpayer burden of $0 to $4,999; and 25 were “D,” or burden of $5,000 to $20,000. Two cities got an “F” for burden greater than $20,000.
Washington, D.C., like a year ago, led with a taxpayer surplus of $9,000. New York City ($56,800) and Chicago ($40,600) had the largest taxpayer burdens.
Tampa, fourth at $3,400 surplus, was the only southeastern city in front of Raleigh.
