Kansas City, MO

2016 Financial State of Kansas City (Released 1/24/2018)

Kansas City's Taxpayer Burden™ is -$10,500, and it received a "D" from TIA.
Kansas City 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.
Kansas City only has $1.2 billion of assets available to pay bills totaling $2.8 billion.
Because Kansas City doesn't have enough money to pay its bills, it has a $1.6 billion financial hole. To erase this shortfall, each Kansas City taxpayer would have to send $10,500 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Kansas City must report its pension debt on its balance sheet. However, the city still excluded $290.6 million of this debt because it prepared its 2016 financial statements with outdated pension data. Furthermore, $43 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 184 days after its fiscal year end, which is considered untimely according to the 180 day standard.
 

Prior Years' TIA Data

2015 Financial State of Kansas City

Other Resources

Kansas City Comprehensive Annual Financial Reports

Publishing Entity: Finance Department

IN THE NEWS
Accounting and auditing forum

AUGUST 13, 2018 | FEDERAL RESERVE BANK OF KANSAS CITY

Annual forum this November 6, intro includes “The annual event is an opportunity for accounting professionals and banking supervisors to interact and discuss current accounting and auditing issues related to banking. …The target audience for this event includes financial officers, accountants and internal auditors associated with state member banks, bank holding companies and savings and loan holding companies. Additionally, the Forum is appropriate for external auditors, outsourced internal auditors and consultants providing accounting services to financial institutions.”

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