Detroit, MI

TIA Data

2017 Financial State of Detroit (Released 1/29/2019)

 
Detroit's Taxpayer Burden.™ is -$6,900, and received a "D" from TIA.
Detroit is a Sinkhole City without enough assets to cover its debt.
Decisions by elected officials have created a Taxpayer Burden™, which is each taxpayer's share of city bills after its available assets have been tapped.
TIA's Taxpayer Burden™ measurement incorporates all assets and liabilities, including retirement obligations.
Detroit only has $2.6 billion of assets available to pay bills totaling $4.1 billion.
Because Detroit doesn't have enough money to pay its bills, it has a $1.5 billion financial hole. To erase this shortfall, each Detroit taxpayer would have to send $6,900 to the city.
Detroit's reported net position is overstated by $301.7 million, largely because the city delays recognizing losses incurred when the net pension liability increases.
The city's financial report was released 210 days after its fiscal year end, which is considered untimely according to the 180 day standard.
 

Prior Years' TIA Data

2016 Financial State of Detroit

2015 Financial State of Detroit

Other Resources

Detroit Comprehensive Annual Financial Reports

Publishing Entity: Office of the Chief Financial Officer

IN THE NEWS
Auditors scorch Detroit public schools’ accounting three years after state bailout

MAY 9, 2019 | WATCHDOG.ORG | by Tom Gantert

“Within three years of state lawmakers approving a $617 million bailout for Detroit’s public school district, it was rebuked by the accounting firm that audits its books for failing to have basic accounting controls and processes in place. … ‘Government officials can’t steal thousands unless they first mismanage millions,’ said James Hohman, director of fiscal policy at the Mackinac Center for Public Policy.”

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