Truth in Accounting

New York City, NY

Click here for the detailed 2021 Financial State of New York City (Released 2/7/2023)

Use Create Your Own City Chart to see additional financial, demographic and economic data for this and other cities

 
New York City owes more than it owns.
New York City's Taxpayer Burden™ is -$56,900, and it received an "F" from TIA.
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 $80.1 billion of assets available to pay bills totaling $251.6 billion.
Because New York City doesn't have enough money to pay its bills, it has a -$171.5 billion financial hole. To erase this shortfall, each New York City taxpayer would have to send -$56,900 to the city.
New York City's reported net position is understated by $30.6 billion, largely because the city defers recognizing gains resulting from decreases in retirement liabilities.
The city's financial report was released 121 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2020 New York City Combined Taxpayer Burden

2020 Financial State of New York City

2019 New York City Combined Taxpayer Burden

2019 Financial State of New York City

2018 New York City Combined Taxpayer Burden

2018 Financial State of New York City

2017 New York City Combined Taxpayer Burden

2017 Financial State of New York City

2016 New York City Combined Taxpayer Burden

2016 Financial State of New York City

2015 Financial State of New York City

2014 Financial State of New York City

Other Resources

New York City Annual Comprehensive Financial Reports

Publishing Entity: Office of the New York City Comptroller

IN THE NEWS
On the Brink of Financial Collapse: 10 Cities In Serious Danger of Bankruptcy

JUNE 6, 2023 | MSN | by Ben Rice

"Sobering Statistics 

The study, called Financial State of the Cities 2023, was done by Truth in Accounting. It has some difficult truths: 50 out of 75 cities could not pay their bills; the combined debt for all 75 cities is $267 billion. Moreover, elected officials didn’t include the cost of government in this figure, instead pushing it onto future taxpayers."

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