Long Beach, CA

TIA Data

2018 Financial State of Long Beach (Released 1/24/2020)

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Long Beach's Taxpayer Burden™ is -$500, and it received a "C" from TIA.
Long 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.
Long Beach only has $2.9 billion of assets available to pay bills totaling $3 billion.
Because Long Beach doesn't have enough money to pay its bills, it has a $71.6 million financial hole. To erase this shortfall, each Long Beach taxpayer would have to send $500 to the city.
Long Beach's reported net position is understated by $431.9 million, largely because the city defers recognizing gains resulting from decreases in retirement liabilities.
The city's financial report was released 177 days after its fiscal year end, which is considered timely according to the 180 day standard.

Prior Years' TIA Data

2017 Financial State of Long Beach

2016 Financial State of Long Beach

2015 Financial State of Long Beach

Other Resources

Long Beach Comprehensive Annual Financial Reports

Publishing Entity: Department of Financial Management

Why three California cities are fiscal standouts

JANUARY 31, 2020 | THE BOND BUYER | by Keeley Webster

Three California cities stand out for managing their financial obligations better than others, according to a recent report from Truth in Accounting, a think tank that analyzes government financial reporting.