Long Beach : State Data and Comparisons : Data-Z

Long Beach, CA

TIA Data

2023 Financial State of Long Beach (Released 02/27/2024)

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Long Beach owes more than it owns.

Long Beach has a -$1,800 Taxpayer Burden.™

Long 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.

Long Beach only has $3.2 billion of assets available to pay bills totaling $3.5 billion.

Because Long Beach doesn't have enough money to pay its bills, it has a -$302.8 million financial hole. To erase this shortfall, each Long Beach taxpayer would have to send -$1,800 to the city.

Long Beach's reported net position is inflated by $92.6 million, largely because the city defers recognizing losses incurred when retirement liabilities increase.

The city's financial report was released 215 days after its fiscal year end, which is considered untimely according to the 180 day standard.