Detroit : State Data and Comparisons : Data-Z

Detroit, MI

TIA Data

2023 Financial State of Detroit (Released 02/27/2024)

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Detroit owes more than it owns.

Detroit has a -$1,600 Taxpayer Burden.™

Detroit 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.

Detroit only has $4.4 billion of assets available to pay bills totaling $4.8 billion.

Because Detroit doesn't have enough money to pay its bills, it has a -$381.8 million financial hole. To erase this shortfall, each Detroit taxpayer would have to send -$1,600 to the city.

Detroit's reported net position is inflated by $117.8 million, largely because the city defers recognizing losses incurred when retirement liabilities increase.

The city's financial report was released 174 days after its fiscal year end, which is considered timely according to the 180 day standard.