Nashville, Memphis Given ‘C’ in Financial State of the Cities Report

[Franklin Pierce]

Nashville and Memphis were both graded a “C” in Truth in Accounting’s annual Financial State of the Cities report.

Memphis ranked 44th and Nashville ranked 48th out of the top 75 U.S. cities in the report from the think tank that analyzes government financial reporting.

The new report looked at the comprehensive financial reports for cities through 2022 and found that Memphis went from having a surplus in 2021 to a burden of $4,000 per taxpayer in 2022 despite increased tax collections and federal COVID-19 funds.

“Memphis continued to spend large amounts of federal COVID-19 relief funds, and as the U.S. economy reopened the city took in additional tax revenue,” the report said. “Such economic gains were offset by significant decreases in the value of the city’s pension investments.”

Memphis has 94 cents set aside for each dollar of promised pension benefits and 51 cents per dollar of promised retiree health benefits.

Nashville, meanwhile, has a burden of $4,500 per taxpayer.

Nashville, Memphis Given 'C' in Financial State of the Cities Report - Tennessee Star

Nashville and Memphis were both graded a “C” in Truth in Accounting’s annual Financial State of the Cities report.

tennesseestar.com

 

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