Miami : State Data and Comparisons : Data-Z

Miami, FL

TIA Data

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

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Miami owes more than it owns.

Miami has a -$13,400 Taxpayer Burden.™

Miami 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.

Miami only has $962.5 million of assets available to pay bills totaling $3.2 billion.

Because Miami doesn't have enough money to pay its bills, it has a -$2.3 billion financial hole. To erase this shortfall, each Miami taxpayer would have to send -$13,400 to the city.

Miami's reported net position is inflated by $279.5 million, largely because the city defers recognizing losses incurred when retirement liabilities increase.

The city's financial report was released 181 days after its fiscal year end, which is considered untimely according to the 180 day standard.