Detroit, MI

2016 Financial State of Detroit (Released 1/24/2018)

Detroit's Taxpayer Burden™ is -$8,000, and it received a "D" from TIA.
Detroit 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.
Detroit only has $2.4 billion of assets available to pay bills totaling $4.2 billion.
Because Detroit doesn't have enough money to pay its bills, it has a $1.8 billion financial hole. To erase this shortfall, each Detroit taxpayer would have to send $8,000 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Detroit must report its pension debt on its balance sheet. However, the city still excludes $702.7 million of retirement obligations, which consist partially of retiree healthcare liabilities. The majority of the hidden debt actually comes from promised pension benefits that haven’t been recognized yet because the financial report was prepared using outdated figures.
The city's financial report was released 330 days after its fiscal year end, which is considered untimely according to the 180 day standard.
 

Prior Years' TIA Data

2015 Financial State of Detroit

Other Resources

Detroit Comprehensive Annual Financial Reports

Publishing Entity: Office of the Chief Financial Officer

IN THE NEWS
Is Chicago the next Detroit?

JANUARY 17, 2019 | FORBES | by Elizabeth Bauer

“Having not had that level of crisis, my sense is really that the city and its politicians are still likely to act as if it's owed prosperity and are not yet ready to acknowledge that difficult decisions generating unhappiness from constituents are required.  … But enough of that.  How about some math?”

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