Colorado Springs, CO

2016 Financial State of Colorado Springs (Released 1/24/2018)

Colorado Springs' Taxpayer Burden™ is -$3,100, and it received a "C" from TIA.
Colorado Springs is a Sinkhole City without enough assets to cover its debt.
Decisions by elected officials have led to a Taxpayer Burden™, which is each taxpayer's share of city bills after its available assets have been tapped.
TIA's Taxpayer Burden™ measurement accounts for all assets and liabilities, including pension and retiree healthcare debt.
Colorado Springs only has $1.5 billion of assets available to pay bills totaling $2 billion.
Because Colorado Springs doesn't have enough money to pay its bills, it has a $504.8 million financial hole. To erase this shortfall, each Colorado Springs taxpayer would have to send $3,100 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Colorado Springs must report its pension debt on its balance sheet. However, the city still excluded $98.2 million of this debt because it prepared its 2016 financial statements with outdated pension data. Furthermore, $32.1 million of retiree healthcare liabilities were also obscured from the balance sheet. A new accounting standard will be implemented in the 2018 fiscal year that will require governments to report these liabilities.
The city's financial report was released 163 days after its fiscal year end, which is considered timely according to the 180 day standard.

Prior Years' TIA Data

2015 Financial State of Colorado Springs

Other Resources

Colorado Springs Comprehensive Annual Financial Reports

Publishing Entity: Accounting Office