Saint Paul, MN

2016 Financial State of Saint Paul (Released 1/24/2018)

Saint Paul's Taxpayer Burden™ is -$5,400, and it received a "D" from TIA.
Saint Paul 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.
Saint Paul only has $484.1 million of assets available to pay bills totaling $1.1 billion.
Because Saint Paul doesn't have enough money to pay its bills, it has a $610.6 million financial hole. To erase this shortfall, each Saint Paul taxpayer would have to send $5,400 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Saint Paul must report its pension debt on its balance sheet. However, the city still excludes $145.7 million of retirement obligations, which consist almost 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 177 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Other Resources

Saint Paul Comprehensive Annual Financial Reports

Publishing Entity: Financial Services

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