On top of being recognized as one of the safest cities in America, Irvine residents can also rest assured the city they call home is one of the most fiscally sound in the nation. For the fourth consecutive year, Irvine was ranked No. 1 in the nation in financial strength, within the nation’s largest 75 cities, by the nonprofit accounting think tank Truth in Accounting.

The city of Irvine shared the news via Twitter on Jan. 27.

“For the 4th straight year, #Irvine ranks No. 1 in fiscal strength nationally. The @truthinacct ranking of America’s largest cities calculates how a city would fare financially after all bills are paid. Irvine had a surplus score of $4,100 per taxpayer,” the tweet read.

In response to this recognition, Irvine Mayor Farrah Khan credited the work of the city staff as a conduit for Irvine’s continued success.

“The city of Irvine is proud to receive recognition for maintaining a strong financial record for the fourth consecutive year, especially so during the COVID-19 health crisis,” Khan said. “This ranking confirms the City Council and city staff remain committed to ensuring resident tax dollars are being wisely managed. Maintaining a balanced budget, with the highest level of transparency, is essential to this City Council.”

Irvine’s ranking as the strongest city financially in America was reported in Truth in Accounting’s annual report, which categorizes the largest cities in America as sinkhole and sunshine cities. Other sunshine cities joining Irvine in financial strength are Washington D.C., and Stockton, near Sacramento, California.

To help synthesize the distinction as a sunshine city, Irvine’s financial strength would equate to surplus payments to each individual taxpayer. As Truth In Accounting pointed out, Irvine’s taxpayer surplus would be more than $4,000 per-taxpayer — after all the city’s bills are paid.

On the other hand, Nashville, Tenn., New York City and Philadelphia were ranked in the top five of sinkhole cities. While Irvine taxpayers could expect a surplus, taxpayers in New York and other “sinkhole” cities would need to pay the city itself, just to break even.

In fact, New York City is in last place of all sinkhole cities, with a taxpayer burden of $68,200, according to the Truth In Accounting’s Financial State of The Cities 2021 report.

Advertising disclosure: We may receive compensation for some of the links in our stories. Thank you for supporting Irvine Weekly and our advertisers.