Memphis : State Data and Comparisons : Data-Z

Memphis, TN

TIA Data

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

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Memphis owes more than it owns.

Memphis has a -$9,100 Taxpayer Burden.™

Memphis 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.

Memphis only has $2.8 billion of assets available to pay bills totaling $4.8 billion.

Because Memphis doesn't have enough money to pay its bills, it has a -$2 billion financial hole. To erase this shortfall, each Memphis taxpayer would have to send -$9,100 to the city.

Memphis's reported net position is understated by $16.5 million, largely because the city defers recognizing gains resulting from decreases in retirement liabilities.

The city's financial report was released 182 days after its fiscal year end, which is considered untimely according to the 180 day standard.