Truth in Accounting

Virginia Beach, VA

TIA Data

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

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

 
Virginia Beach's Taxpayer Burden™ is -$2,100, and it received a "C" from TIA.
Virginia 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.
Virginia Beach only has $1.3 billion of assets available to pay bills totaling $1.6 billion.
Because Virginia Beach doesn't have enough money to pay its bills, it has a $330.1 million financial hole. To erase this shortfall, each Virginia Beach taxpayer would have to send $2,100 to the city.
Virginia Beach's reported net position is inflated by $42.8 million, largely because the city defers recognizing losses incurred when retirement liabilities increase.
The city's financial report was released 144 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2017 Financial State of Virginia Beach

2016 Financial State of Virginia Beach

2015 Financial State of Virginia Beach

Other Resources

Virginia Beach Comprehensive Annual Financial Reports

Publishing Entity: Department of Finance

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