San Diego, CA

San Diego and its underlying government entities (Released 7/17/2018)

2016 Financial State of San Diego (Released 1/24/2018)

San Diego's Taxpayer Burden™ is -$5,400, and it received a "D" from TIA.
San Diego 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.
San Diego only has $2.3 billion of assets available to pay bills totaling $4.6 billion.
Because San Diego doesn't have enough money to pay its bills, it has a $2.3 billion financial hole. To erase this shortfall, each San Diego taxpayer would have to send $5,400 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, San Diego must report its pension debt on its balance sheet. However, the city still excluded $945.2 million of this debt because it prepared its 2016 financial statements with outdated pension data. Furthermore, $274 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 159 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2015 Financial State of San Diego

2014 Financial State of San Diego

Other Resources

San Diego Comprehensive Annual Financial Reports

Publishing Entity: Office of the City Comptroller

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