Virginia Beach, VA

TIA Data

2017 Financial State of Virginia Beach (Released 1/29/2019)

 
Virginia Beach's Taxpayer Burden.™ is -$5,900, and received a "D" from TIA.
Virginia Beach is a Sinkhole City without enough assets to cover its debt.
Decisions by elected officials have created a Taxpayer Burden™, which is each taxpayer's share of city bills after its available assets have been tapped.
TIA's Taxpayer Burden™ measurement incorporates all assets and liabilities, including retirement obligations.
Virginia Beach only has $659.2 million of assets available to pay bills totaling $1.6 billion.
Because Virginia Beach doesn't have enough money to pay its bills, it has a $916 million financial hole. To erase this shortfall, each Virginia Beach taxpayer would have to send $5,900 to the city.
The city is hiding all of its retiree health care debt. A new accounting standard will be implemented in the 2018 fiscal year which will require governments to report this debt on the balance sheet.
The city's financial report was released 154 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2016 Financial State of Virginia Beach

2015 Financial State of Virginia Beach

Other Resources

Virginia Beach Comprehensive Annual Financial Reports

Publishing Entity: Department of Finance

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