Seattle, WA

TIA Data

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

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Seattle's Taxpayer Burden™ is -$2,800, and it received a "C" from TIA.
Seattle 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.
Seattle only has $2.9 billion of assets available to pay bills totaling $3.7 billion.
Because Seattle doesn't have enough money to pay its bills, it has a $797.5 million financial hole. To erase this shortfall, each Seattle taxpayer would have to send $2,800 to the city.
Seattle's reported net position is inflated by $28.9 million, largely because the city defers recognizing losses incurred when retirement liabilities increase.
The city's financial report was released 180 days after its fiscal year end, which is considered timely according to the 180 day standard.

Prior Years' TIA Data

2019 Financial State of Seattle

2018 Financial State of Seattle

2017 Financial State of Seattle, WA

2016 Financial State of Seattle

2015 Financial State of Seattle

Other Resources

Seattle Comprehensive Annual Financial Reports

Publishing Entity: Department of Finance and Administrative Services

Report: Seattle receives financial health grade of ‘C’ for $797M debt

FEBRUARY 11, 2022 | BIG COUNTRY NEWS | by Ted O'Neil

Includes: "Seattle is one of 26 cities to receive a grade of ‘C’ for total debt per taxpayer according to Truth in Accounting’s new Financial State of the Cities report. ... Even though all 75 cities have a balanced budget requirement in place but racked up billions in debt, TIA noted that municipalities use various accounting tricks to make their budgets appear balanced. "