NASHVILLE (WSMV) - The city of Nashville is in deep debt, and efforts to pay that debt are taking a large chunk of Metro's budget.

News4 read through a 310-page audit of Metro Nashville's finances.

The annual report showed, among other things, that the city is most certainly in the red.

You get the first inkling of the financial picture early in the report in the financial highlights. This is where it lists the city's fund balance at negative $381 million.

There's another section of the report that talks about the debt as a whole and says it's at $3.9 billion, which is the equivalent of every single Nashville resident owing $4,104.

The city has very publicly been spending millions of dollars on a number of projects, including school repairs, community centers and other things.

However, this $3.9 billion doesn't even include the biggest projects the city is about to take on, such as the $623 million Music City Center or the $275 million Major League Soccer stadium project, which the city will need to borrow money for.

The report does point out solid credit ratings from Standard & Poor's and Moody's, and it's worth noting that every city has to take on debt as it attempts to expand.

The question now is whether this level of debt is sustainable.

Click here to read the full report from the Metro government.

Copyright 2019 WSMV (Meredith Corporation). All rights reserved.

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