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St. Louis, MO received ‘D’ grade for fiscal health
New report released by Truth in Accounting
A new report on the financial condition of the 75 most populous cities ranked St. Louis no. 65 in the nation for fiscal health. The report is based on the cities’ 2020 annual comprehensive financial reports, which are not analyzed on this scale by any other organization.
The analysis by Truth in Accounting (TIA), a nonprofit government finance watchdog group, found St. Louis needed $1.6 billion to get out of the red, or $17,500 from each city taxpayer.
According to the watchdog’s annual Financial State of the Cities report, St. Louis had $2.5 billion in bills and only $900.5 million in available assets to pay those bills after capital and restricted assets were excluded. This resulted in a $1.6 billion shortfall, or a $17,500 Taxpayer Burden™, which is each taxpayer’s share of the municipal debt after the city’s available assets have been tapped.
TIA’s Taxpayer Burden indicator incorporates both assets and liabilities, including all retirement liabilities. This analysis surveys the fiscal health of the 75 most populated U.S. cities during the onset of the COVID-19 pandemic.
The bottom line is that St. Louis did not have enough money to pay its bills, which is why it received a “D” grade for its fiscal health.
You can read the full report here .
