Miami, FL

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

Miami's Taxpayer Burden™ is -$13,200, and it received a "D" from TIA.
Miami 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.
Miami only has $411 million of assets available to pay bills totaling $2.3 billion.
Because Miami doesn't have enough money to pay its bills, it has a $1.9 billion financial hole. To erase this shortfall, each Miami taxpayer would have to send $13,200 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Miami must report its pension debt on its balance sheet. However, the city still excludes $550.1 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 181 days after its fiscal year end, which is considered untimely according to the 180 day standard.
 

Prior Years' TIA Data

2015 Financial State of Miami

Other Resources

Miami Comprehensive Annual Financial Reports

Publishing Entity: City of Miami Finance Department

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