Los Angeles : State Data and Comparisons : Data-Z

Los Angeles, CA

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Los Angeles owes more than it owns.

Los Angeles has a -$1,300 Taxpayer Burden.™

Los Angeles is a Sinkhole State without enough assets to cover its debt.

Elected officials have created a Taxpayer Burden™, which is each taxpayer's share of state bills after its available assets have been tapped.

TIA's Taxpayer Burden™ measurement incorporates both assets and liabilities, not just pension debt.

Los Angeles only has $18.8 billion of assets available to pay bills totaling $20.6 billion.

Because Los Angeles doesn't have enough money to pay its bills, it has a -$1.8 billion financial hole. To fill it, each Los Angeles taxpayer would have to send -$1,300 to the state.

Los Angeles's reported net position is overstated by $2.8 billion, largely because the state delays recognizing losses incurred when the net pension liability increases.

The state's financial report was released 213 days after its fiscal year end, which is considered untimely according to the 180 day standard.