Irvine, CA

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

Irvine's Taxpayer Surplus™ is $5,200, and it received a "B" from TIA.
Irvine is a Sunshine City with enough assets to cover its debt.
Decisions by elected officials have led to a Taxpayer Surplus™, which is each taxpayer's share of money available after state bills have been paid.
TIA's Taxpayer Surplus™ measurement accounts for all assets and liabilities, including pension and retiree healthcare debt.
Irvine has $609.7 million of assets available to pay the state's bills totaling $195.6 million.
Irvine has $414.2 million available after bills have been paid, which breaks down to $5,200 per taxpayer.
Thanks to an accounting rule implemented in the 2015 fiscal year, Irvine must report its pension debt on its balance sheet. However, the city still excludes $3.5 million of retirement obligations, which consist entirely of retiree healthcare liabilities. A new accounting standard will be implemented in the 2018 fiscal year that will require governments to report these liabilities on the balance sheet as well.
The city's financial report was released 130 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Other Resources

Irvine Comprehensive Annual Financial Reports

Publishing Entity: Administrative Services Department

IN THE NEWS
2018 Awards

DECEMBER 6, 2018 | CITY OF IRVINE, CALIFORNIA

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