Where the numbers come from
Grab the raw data: CSV · JSON: every input and computed indicator, 2006–2025.
All figures are for the City of Buffalo's total primary government (governmental plus business-type activities), in millions of dollars unless noted. They are taken from the city's own audited Annual Comprehensive Financial Reports (ACFRs), fiscal years 2006 through 2025: the Management's Discussion & Analysis condensed statements (Table 1, Statement of Net Position; Table 2, Changes in Net Position), the government-wide statements, the capital-assets notes, the long-term-liability notes, and the statistical-section tables. The seven indicators follow the Strong Towns Finance Decoder method.
Buffalo adopted government-wide accrual reporting (GASB 34) in FY2003, so there is no FY2002 figure. FY2003–FY2005 carry early-implementation restatements and are left off the charts; the series begins in FY2006, where every year reconciles across the MD&A, the statistical section, and adjacent reports.
Raw inputs: balance sheet ($ millions)
Show the table (2006–2025, 8 columns)
| Year | Cash & other | Capital (net) | Total assets | Def. outflows | Total liab. | Def. inflows | Net position | Accum. deprec. |
|---|---|---|---|---|---|---|---|---|
| 2006 | 514.5 | 517.0 | 1031.5 | 0.0 | 833.6 | 0.0 | 197.8 | 288.5 |
| 2007 | 623.7 | 539.0 | 1162.7 | 0.0 | 904.7 | 0.0 | 258.0 | 308.8 |
| 2008 | 645.8 | 551.2 | 1197.0 | 0.0 | 920.0 | 0.0 | 276.9 | 328.9 |
| 2009 | 721.1 | 565.2 | 1286.3 | 0.0 | 1025.1 | 0.0 | 261.2 | 352.4 |
| 2010 | 757.8 | 581.4 | 1339.2 | 0.0 | 1095.3 | 0.0 | 243.9 | 381.4 |
| 2011 | 778.0 | 582.9 | 1360.9 | 0.0 | 1195.9 | 0.0 | 165.1 | 409.5 |
| 2012 | 798.9 | 601.9 | 1400.8 | 0.0 | 1272.7 | 0.0 | 128.1 | 435.5 |
| 2013 | 788.2 | 612.3 | 1400.5 | 12.9 | 1292.2 | 0.4 | 120.8 | 466.0 |
| 2014 | 728.7 | 630.8 | 1359.5 | 8.9 | 1308.6 | 0.2 | 59.6 | 498.3 |
| 2015 | 674.0 | 662.1 | 1336.2 | 28.6 | 1307.5 | 0.1 | 57.1 | 535.6 |
| 2016 | 687.6 | 683.3 | 1370.9 | 148.4 | 1483.4 | 20.8 | 15.2 | 571.0 |
| 2017 | 582.9 | 707.7 | 1290.6 | 90.7 | 1437.6 | 16.9 | -73.3 | 612.8 |
| 2018 | 497.5 | 701.9 | 1199.4 | 115.6 | 1979.1 | 286.6 | -950.7 | 652.5 |
| 2019 | 521.2 | 723.2 | 1244.4 | 66.5 | 1899.5 | 259.5 | -848.1 | 690.5 |
| 2020 | 565.1 | 731.5 | 1296.6 | 231.7 | 2227.2 | 173.5 | -872.4 | 728.2 |
| 2021 | 704.4 | 743.8 | 1448.3 | 381.7 | 2288.5 | 355.8 | -814.3 | 773.5 |
| 2022 | 989.3 | 775.9 | 1765.1 | 295.1 | 2397.8 | 386.6 | -724.2 | 820.3 |
| 2023 | 954.5 | 802.6 | 1757.1 | 264.7 | 2489.9 | 261.0 | -729.1 | 866.2 |
| 2024 | 1021.5 | 885.1 | 1906.6 | 231.8 | 2521.4 | 288.1 | -671.2 | 910.7 |
| 2025 | 835.5 | 973.6 | 1809.1 | 235.9 | 2465.8 | 169.1 | -589.9 | 957.7 |
Net position is the audited bottom line; net financial position (below) subtracts net capital assets from it. Capital(net) = total assets − cash & other. Deferred outflows/inflows were not reported before FY2013 (GASB 63/65). FY2020 is taken from the FY2021 report's comparative column. The highlighted FY2018 row is when GASB 75 put retiree health care on the books. The FY2006–07 figures are cross-checked against the audited ten-year statistical tables (Net Position by Component; Changes in Net Position) and capital-asset notes published in later reports, which reconcile exactly.
Raw inputs: revenue & interest detail ($ millions)
Income-statement (full-year) figures, with Total revenue, the denominator for both ratios, in the first column. Government transfers = operating grants + capital grants + state aid + unrestricted grants; intergovernmental revenue (Buffalo's county sales-tax share) is shown but treated as local and excluded. Interest = governmental + enterprise interest. Both are divided by Total revenue.
Show the table (2006–2025, 9 columns)
| Year | Total revenue | Op. grants | Cap. grants | State aid | Unrestr. grants | Intergov.* | Gov't interest | Enterprise interest |
|---|---|---|---|---|---|---|---|---|
| 2006 | 497.1 | 8.1 | 25.2 | 139.6 | 0.5 | 63.7 | 26.4 | 7.8 |
| 2007 | 569.2 | 45.1 | 20.8 | 133.0 | 0.4 | 111.7 | 24.3 | 7.1 |
| 2008 | 548.4 | 12.3 | 18.6 | 158.4 | 0.4 | 101.2 | 19.7 | 7.0 |
| 2009 | 560.9 | 8.3 | 22.6 | 173.6 | 0.4 | 104.6 | 19.0 | 7.2 |
| 2010 | 559.2 | 13.1 | 34.1 | 174.5 | 0.4 | 92.7 | 18.2 | 7.0 |
| 2011 | 539.0 | 12.9 | 17.8 | 164.8 | 0.2 | 95.3 | 16.5 | 8.0 |
| 2012 | 539.5 | 10.6 | 19.1 | 164.6 | 0.3 | 94.0 | 14.3 | 7.2 |
| 2013 | 616.5 | 23.1 | 16.6 | 198.3 | 0.2 | 93.0 | 16.6 | 7.6 |
| 2014 | 580.2 | 38.3 | 18.6 | 179.4 | 0.3 | 95.4 | 11.4 | 7.1 |
| 2015 | 616.4 | 40.8 | 33.0 | 167.7 | 0.3 | 98.1 | 9.6 | 6.7 |
| 2016 | 581.5 | 32.2 | 23.8 | 168.3 | 0.3 | 97.5 | 10.2 | 6.1 |
| 2017 | 581.6 | 32.3 | 26.1 | 164.7 | 0.3 | 96.0 | 8.5 | 6.2 |
| 2018 | 575.2 | 33.7 | 22.3 | 161.5 | 0.0 | 106.6 | 7.8 | 6.0 |
| 2019 | 596.9 | 23.5 | 18.1 | 168.8 | 0.0 | 108.2 | 6.8 | 5.3 |
| 2020 | 570.9 | 28.0 | 20.3 | 132.6 | 0.0 | 107.9 | 5.3 | 5.2 |
| 2021 | 651.7 | 35.2 | 23.3 | 172.1 | 0.0 | 155.6 | 7.3 | 5.1 |
| 2022 | 687.4 | 50.6 | 44.8 | 160.9 | 0.0 | 148.1 | 3.8 | 4.7 |
| 2023 | 752.7 | 114.6 | 41.7 | 161.6 | 0.0 | 124.7 | 4.2 | 4.7 |
| 2024 | 811.6 | 117.1 | 84.4 | 161.0 | 0.0 | 124.3 | 3.9 | 5.6 |
| 2025 | 834.5 | 133.1 | 54.7 | 166.3 | 0.0 | 127.8 | 5.1 | 5.4 |
* Intergovernmental is Buffalo's distribution of Erie County sales tax; it is excluded from government transfers (treated as local revenue). Enterprise interest is the water and parking funds' interest from the audited proprietary-fund statements; the FY2020 figure is from the FY2021 report's comparative column. All figures Total Primary Government, $ millions.
The seven indicators
Each value runs 2006 → 2025, left to right.
Show all seven, year by year
| Year | Net fin. pos. ($M) | Net debt ÷ rev | Fin. assets ÷ liab. | Assets ÷ liab. | Infra value left | Interest ÷ rev | Aid ÷ rev |
|---|---|---|---|---|---|---|---|
| 2006 | -319.2 | 0.64 | 0.617 | 1.237 | 64.2% | 6.87% | 34.9% |
| 2007 | -281.0 | 0.49 | 0.689 | 1.285 | 63.6% | 5.52% | 35.0% |
| 2008 | -274.2 | 0.50 | 0.702 | 1.301 | 62.6% | 4.87% | 34.6% |
| 2009 | -304.0 | 0.54 | 0.703 | 1.255 | 61.6% | 4.68% | 36.5% |
| 2010 | -337.6 | 0.60 | 0.692 | 1.223 | 60.4% | 4.51% | 39.7% |
| 2011 | -417.8 | 0.78 | 0.651 | 1.138 | 58.7% | 4.54% | 36.3% |
| 2012 | -473.8 | 0.88 | 0.628 | 1.101 | 58.0% | 3.98% | 36.1% |
| 2013 | -491.5 | 0.80 | 0.620 | 1.084 | 56.8% | 3.93% | 38.6% |
| 2014 | -571.2 | 0.98 | 0.564 | 1.039 | 55.9% | 3.19% | 40.8% |
| 2015 | -605.0 | 0.98 | 0.537 | 1.022 | 55.3% | 2.64% | 39.2% |
| 2016 | -668.2 | 1.15 | 0.556 | 0.924 | 54.5% | 2.80% | 38.6% |
| 2017 | -781.0 | 1.34 | 0.463 | 0.898 | 53.6% | 2.53% | 38.4% |
| 2018 | -1,652.6 | 2.87 | 0.271 | 0.606 | 51.8% | 2.39% | 37.8% |
| 2019 | -1,571.4 | 2.63 | 0.272 | 0.655 | 51.2% | 2.03% | 35.2% |
| 2020 | -1,603.9 | 2.81 | 0.332 | 0.582 | 50.1% | 1.85% | 31.7% |
| 2021 | -1,558.1 | 2.39 | 0.411 | 0.633 | 49.0% | 1.90% | 35.4% |
| 2022 | -1,500.0 | 2.18 | 0.461 | 0.736 | 48.6% | 1.25% | 37.3% |
| 2023 | -1,531.6 | 2.03 | 0.443 | 0.706 | 48.1% | 1.18% | 42.2% |
| 2024 | -1,556.2 | 1.92 | 0.446 | 0.756 | 49.3% | 1.17% | 44.7% |
| 2025 | -1,563.5 | 1.87 | 0.407 | 0.734 | 50.4% | 1.25% | 42.4% |
The highlighted row is FY2018, when GASB 75 put the full retiree-health promise on the books.
The OPEB series starts in FY2018 because the measurement basis changed: before GASB 75, the FY2017 ACFR disclosed an unfunded actuarial accrued liability of about $2.54 billion under the older GASB 45 method (different discounting), footnoted but never booked. The two bases aren't comparable, so they aren't drawn as one line.
Method & notes
- Scope: the City government only. Every figure here is the City of Buffalo's primary government. It excludes the Buffalo Board of Education (the public schools) and the Buffalo Urban Renewal Agency, which the city's audit reports as separate “discretely presented component units” with their own audited statements. The schools carry large obligations of their own: the Board of Education's 2025 audit reports about $1.5 billion in unfunded retiree health care (OPEB), larger than the city's ~$1.24B, so the combined city-and-schools retiree-health promise is roughly $2.7 billion.
- Net financial position is the city's money-like assets (cash, investments, money owed to it, plus deferred outflows) minus everything it owes (total liabilities plus deferred inflows). It equals the audited net position minus net capital assets.
- The cliff is FY2018. GASB 68 (pensions, FY2015) was modest for Buffalo because New York's state-administered pension systems are relatively well funded, and net position stayed positive through 2016. GASB 75 (retiree healthcare/OPEB, FY2018) is the step-down: total net position fell from −$73M (FY2017) to −$951M (FY2018) as the full OPEB liability hit the books. Net financial position bottomed near −$1.65B in 2018 and has hovered around −$1.5B to −$1.6B since.
- Government transfers counts state and federal aid and grants: operating grants, capital grants, state aid (Buffalo's AIM payment is ~$166M), and unrestricted grants. Buffalo's share of Erie County sales tax (the ACFR's "intergovernmental" general revenue, ~$115M in 2025) is treated as local revenue and excluded, so this measures dependence on aid that could be cut. On that basis the share runs from about 35% in 2006 to roughly 42% in 2025.
- Interest is all interest expense on the Total Primary Government basis: governmental interest and fiscal charges plus the enterprise funds' interest (water system and parking) from the proprietary-fund statements, matching the rest of the page. Most of the decline since 2006 is in the city's tax-supported governmental interest; what remains is largely the self-supporting water system covering its own bonds. Enterprise interest (the self-supporting water and parking systems) comes from the audited proprietary-fund statements; FY2020, which has no standalone report, is taken from the FY2021 report's comparative column.
- Total revenue is computed as total program revenues plus governmental general revenues, excluding interfund transfers (within ~0.1% of the MD&A "Total revenues" line each year).
- The repair-bill estimate restates the audit's accumulated depreciation ($957.7M in 2025) to today's construction prices (×1.75 to ×2.25), giving a deliberately rough $1.7B–$2.2B range. The same kind of accounting-based approach underpins the “ICA Burden” framework published by Investortools (May 2026), which puts the equivalent burden across all U.S. cities at about $1.03 trillion.
- Value-per-acre comparisons (Guaranty Building ≈136× a county house, transit corridor ≈3× Transit Road, United Office Building vs. Eastern Hills Mall) come from Urban3's The Dollars & Sense of Development Patterns: Buffalo Niagara Regional Report (2014, prepared for One Region Forward). The assessed values are a decade old and are cited for the pattern, which Urban3 has since documented in hundreds of regions.
- Per-household figures use about 117,000 Buffalo households (U.S. Census, ACS).
Headline figures (2025)
- Net financial position: −$1.56B (about −$13,400 per household)
- Unfunded retiree healthcare (OPEB): ~$1.24B, the single largest driver of the gap
- Other drivers: net pension liability ~$266M, bonds payable ~$326M
- Estimated deferred repair bill: $1.7B–$2.2B (about $14,000–$18,000 per household)
- Combined, on- and off-the-books: roughly −$3.5B (about −$30,000 per household)
One number is missing from all of this: the city records the wear on its infrastructure (accumulated depreciation, $957.7M in 2025) but publishes no figure for what bringing it back to good condition would cost. Producing that single “cost of good repair” number is the most concrete next step toward managing the gap, and the data to build it already sits in the table above.
About this project
Strong Towns Buffalo is a volunteer-led local conversation of the national Strong Towns movement. This site is part of its #DoTheMath initiative, which applies the Strong Towns Finance Decoder to a city's own audited reports. It is independent and educational, and is not affiliated with or endorsed by the City of Buffalo.
Every figure here comes from public records: the city's audited ACFRs and the NYS Comptroller. Nothing is an outside estimate unless it says so (only the infrastructure repair-bill range and the per-household splits are estimates). If you spot an error, tell us and we'll correct it.
Data vintage: figures run through fiscal year 2025 (ended June 30, 2025), the most recent audited ACFR; 2026-27 budget figures are from the city's adopted budget and the NYS Comptroller's May 2026 review. Last updated June 2026. The charts refresh when the next ACFR is published.
Download the full dataset: CSV · JSON, covering every raw input and computed indicator, 2006–2025.