St. Petersburg is the most fiscally healthy large city in Florida, according to a new report.
The online Fiscal Times has put out a list of America’s large cities ranked by their fiscal stability — and the ‘Burg came out tops in the Sunshine State, and 23rd in the nation.
The report was written by Marc Joffe, director of policy research at the California Policy Center. He compiled the list using some a number of statistical tests.
A full 40 percent of the rating is based on the ratio of a city’s general fund balance to its expenditures, and another 30 percent goes to how much a city owes and how much it can pay (excluding its pension obligations). The other 30 percent is broken down in 10 percent increments on A) the ratio of actuarially determined pension contributions to total government wide-revenues, B) a change in the local unemployment rate, and C) a change in property values in 2015.
The announcement is a nice boost for Mayor Rick Kriseman, who is running for re-election this year.
“We are thrilled to be highlighted, but it comes as no surprise to us,” said Ben Kirby, a spokesman for the mayor. “It’s a reflection of our team’s talent and hard work and our focus on getting St. Petersburg’s finances back on track following the Great Recession.”
The report lists 116 cities in all, with Miami the next city from Florida on the list, coming in at 38.
Tampa is considered by the Fiscal Times as Florida’s third most fiscally healthy city, coming in at 60.
The Fiscal Times said that in order for a city to get a perfect score of 100, a city would have to have a general fund balance of at least 32 percent of general fund expenditures; long-term obligations (excluding pensions) no greater than 40 percent of total revenue; actuarially required pension contributions equal to no more than 5 percent of total revenue; stable or declining unemployment; and home price appreciation of at least 3 percent.
Orlando (72), Hialeah (93) and Jacksonville (102) complete the list of Florida cities in the report.
The nation’s most fiscally healthy city, according to the Fiscal Times, is Irvine, California. The two worst? Chicago is considered the worst, with New York City right behind them.