A new report on the financial condition of America’s 75 largest cities ranked Charlotte no. 17 of 75 for its fiscal health in fiscal year 2022. The report found that the majority of the cities did not have enough money to pay their bills, despite increased tax revenues and COVID relief funds.
The analysis by Truth in Accounting, a non-profit government finance watchdog group, found Charlotte had $165.2 million in money available to pay future bills. Charlotte was one of 22 cities that had a Taxpayer Surplus™ at the end of the fiscal year 2022, which is a calculation of the city’s available assets divided by the number of taxpayers. Charlotte hypothetically could write a check for $600 to each of its taxpayers after paying all of its bills, which is why it received a "B" grade for its fiscal health.
Although the city was in good financial health, it is important to note that over the past few years investment market values have swung dramatically. This volatility demonstrates the risk to taxpayers when their city offers defined pension benefits to its employees.