Philadelphia : State Data and Comparisons : Data-Z

Philadelphia, PA

TIA Data

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

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Philadelphia owes more than it owns.

Philadelphia has a -$17,300 Taxpayer Burden.™

Philadelphia 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.

Philadelphia only has $10.3 billion of assets available to pay bills totaling $20.6 billion.

Because Philadelphia doesn't have enough money to pay its bills, it has a -$10.3 billion financial hole. To erase this shortfall, each Philadelphia taxpayer would have to send -$17,300 to the city.

Philadelphia's reported net position is inflated by $823.5 million, largely because the city defers recognizing losses incurred when retirement liabilities increase.

The city's financial report was released 239 days after its fiscal year end, which is considered untimely according to the 180 day standard.