Virginia Beach, VA

2016 Financial State of Virginia Beach (Released 1/24/2018)

Virginia Beach's Taxpayer Burden™ is -$5,700, and it received a "D" from TIA.
Virginia Beach 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.
Virginia Beach only has $599.8 million of assets available to pay bills totaling $1.5 billion.
Because Virginia Beach doesn't have enough money to pay its bills, it has a $874.8 million financial hole. To erase this shortfall, each Virginia Beach taxpayer would have to send $5,700 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Virginia Beach must report its pension debt on its balance sheet. However, the city still excluded $74.2 million of this debt because it prepared its 2016 financial statements with outdated pension data. Furthermore, $67.7 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 154 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2015 Financial State of Virginia Beach

Other Resources

Virginia Beach Comprehensive Annual Financial Reports

Publishing Entity: Department of Finance

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