San Jose, CA

San Jose and its underyling government entities (Released 7/17/2018)

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

San Jose's Taxpayer Burden™ is -$10,600, and it received a "D" from TIA.
San Jose 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 Jose only has $1.6 billion of assets available to pay bills totaling $5 billion.
Because San Jose doesn't have enough money to pay its bills, it has a $3.4 billion financial hole. To erase this shortfall, each San Jose taxpayer would have to send $10,600 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, San Jose must report its pension debt on its balance sheet. However, the city still excluded $732.5 million of this debt because it prepared its 2016 financial statements with outdated pension data. Furthermore, $764.9 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 140 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 Jose

2014 Financial State of San Jose

Other Resources

San Jose Comprehensive Annual Financial Reports

Publishing Entity: City Manager's Budget Office

Underlying government units report

JULY 17, 2018

TIA's new analysis of the 10 most populous U.S. cities and their largest local government units shows you're on the hook for more debt than you think.