Seattle, WA

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

Seattle's Taxpayer Burden™ is -$6,600, and it received a "D" from TIA.
Seattle 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.
Seattle only has $2.2 billion of assets available to pay bills totaling $3.8 billion.
Because Seattle doesn't have enough money to pay its bills, it has a $1.6 billion financial hole. To erase this shortfall, each Seattle taxpayer would have to send $6,600 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Seattle must report its pension debt on its balance sheet. However, the city still excluded almost $199 million of this debt because it prepared its 2016 financial statements with outdated pension data. Furthermore, $584.3 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 223 days after its fiscal year end, which is considered untimely according to the 180 day standard.
 

Prior Years' TIA Data

2015 Financial State of Seattle

Other Resources

Seattle Comprehensive Annual Financial Reports

Publishing Entity: City of Seattle Financial Services

IN THE NEWS
VIEW LESS