Seattle, WA

TIA Data

2019 Financial State of Seattle (Released 1/26/2021)

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Seattle's Taxpayer Burden™ is -$3,400, 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 $3 billion of assets available to pay bills totaling $3.9 billion.
Because Seattle doesn't have enough money to pay its bills, it has a $926.7 million financial hole. To erase this shortfall, each Seattle taxpayer would have to send $3,400 to the city.
Seattle's reported net position is inflated by $322.3 million, largely because the city defers recognizing losses incurred when retirement liabilities increase.
The city's financial report was released 234 days after its fiscal year end, which is considered untimely according to the 180 day standard.

Prior Years' TIA Data

2018 Financial State of Seattle

2017 Financial State of Seattle

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

Majority of U.S. cities ill-prepared for COVID-19 pandemic

JANUARY 26, 2021

The 2021 Financial State of the Cities (FSOC) surveys the fiscal health of the 75 largest municipalities in the United States. This data is released today by Truth in Accounting (TIA), a think tank that analyzes government financial reporting.