Truth in Accounting

Philadelphia, PA

TIA Data

2020 Financial State of Philadelphia (Released 1/25/2022)

2020 Philadelphia Combined Taxpayer Burden

Use Create Your Own City Chart to see additional financial, demographic and economic data for this and other cities

 
Philadelphia's Taxpayer Burden™ is -$25,900, and it received an "F" from TIA.
Philadelphia 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.
Philadelphia only has $6.5 billion of assets available to pay bills totaling $20.5 billion.
Because Philadelphia doesn't have enough money to pay its bills, it has a $14 billion financial hole. To erase this shortfall, each Philadelphia taxpayer would have to send $25,900 to the city.
Philadelphia's reported net position is inflated by $994.4 million, largely because the city defers recognizing losses incurred when retirement liabilities increase.
The city's financial report was released 240 days after its fiscal year end, which is considered untimely according to the 180 day standard.
 

Prior Years' TIA Data

2019 Philadelphia Combined Taxpayer Burden

2019 Financial State of Philadelphia

2018 Philadelphia Combined Taxpayer Burden

2018 Financial State of Philadelphia

2017 Philadelphia Combined Taxpayer Burden

2017 Financial State of Philadelphia, PA

2016 Philadelphia Combined Taxpayer Burden

2016 Financial State of Philadelphia

2015 Financial State of Philadelphia

2014 Financial State of Philadephia

Other Resources

Philadelphia Comprehensive Annual Financial Reports

Publishing Entity: Office of the Director of Finance

IN THE NEWS
Watchdog Group Calls BS on Philly’s Budget Numbers

MARCH 1, 2022 | DELAWARE VALLEY JOURNAL | by Gregory Bresiger

Includes: "While these cities may appear to have balanced their books, the reality is very different, says TIA founder Sheila Weinberg.  'They have surpluses and seem to be in good shape. But it is misleading; they are ignoring their debts,' Weinberg told Delaware Valley Journal. 'It’s a little like saying, ‘well, you got plenty of cash in your pockets but just ignore those big credit card debts you have in your back pockets.’”

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