Fort Worth, TX

2016 Financial State of Fort Worth (Released 1/24/2018)

Fort Worth's Taxpayer Burden™ is -$13,300, and it received a "D" from TIA.
Fort Worth 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.
Fort Worth only has $1.5 billion of assets available to pay bills totaling $4.7 billion.
Because Fort Worth doesn't have enough money to pay its bills, it has a $3.2 billion financial hole. To erase this shortfall, each Fort Worth taxpayer would have to send $13,300 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Fort Worth must report its pension debt on its balance sheet. However, the city still excluded $1.1 billion of this debt because it prepared its 2016 financial statements with outdated pension data. Furthermore, $115.6 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 178 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2015 Financial State of Fort Worth

Other Resources

Fort Worth Comprehensive Annual Financial Reports

Publishing Entity: Fort Worth Financial Management Services

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