5 largest US cities lack funds to pay bills: report

(The Center Square) – The five largest cities in the United States, all led by Democrats, did not have enough money to pay their bills in 2024, according to a new Truth in Accounting report first provided to The Center Square. It’s Financial State of the Cities 2026 report examines the fiscal health of the cities of Los Angeles, Houston, Philadelphia, Chicago and New York City, with New York City again leading the U.S. with the greatest taxpayer burden. The analysis is based on the most recent audited Annual Comprehensive Financial Reports from fiscal year 2024. It assesses the amount of money city governments need to pay their bills, dividing this number by the estimated number of city taxpayers. The difference is the taxpayer burden, or what every taxpayer owes in order to pay off the city’s debt, TIA explains. According to the data, New York City residents have the highest taxpayer burden of $61,700, followed by Chicagoans’ $42,600, Philadelphians’ $17,000, Houstonians’ $4,800 and L