Truth in Accounting

Philadelphia, PA

TIA Data

2022 Financial State of Philadelphia (Released 2/15/2024)

Use Create Your Own City Chart to see additional financial, demographic and economic data for this and other cities

 
Philadelphia owes more than it owns.
Philadelphia's Taxpayer Burden™ is -$20,400, and it received an "F" from TIA.
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 $9.9 billion of assets available to pay bills totaling $21 billion.
Because Philadelphia doesn't have enough money to pay its bills, it has a -$11.2 billion financial hole. To erase this shortfall, each Philadelphia taxpayer would have to send -$20,400 to the city.
Philadelphia's reported net position is inflated by $786.1 million, largely because the city defers recognizing losses incurred when retirement liabilities increase.
The city's financial report was released 240 days after its fiscal year end, which is considered untimely according to the 180 day standard.
 

Prior Years' TIA Data

2021 Philadelphia Combined Taxpayer Burden

2021 Financial State of Philadelphia

2020 Philadelphia Combined Taxpayer Burden

2020 Financial State of Philadelphia

2019 Philadelphia Combined Taxpayer Burden

2019 Financial State of Philadelphia

2018 Philadelphia Combined Taxpayer Burden

2018 Financial State of Philadelphia

2017 Philadelphia Combined Taxpayer Burden

2017 Financial State of Philadelphia

2016 Philadelphia Combined Taxpayer Burden

2016 Financial State of Philadelphia

2015 Financial State of Philadelphia

2014 Financial State of Philadephia

Other Resources

Philadelphia Annual Comprehensive Financial Reports

Publishing Entity: Office of the Director of Finance

IN THE NEWS
Philly Fails to Make Top 20 Best Cities List; Fitch Gives A+ Rating

JULY 2, 2024 | DELAWARE VALLEY JOURNAL | by Linda Stein

However, Philadelphia also ranked near the bottom, 72 out of 75, for cities ranked for how well they’re run by Truth in Accounting.

That organization found the city needs $11.2 billion to pay bills and has a taxpayer burden of $20,400 per taxpayer. Meaning if all bills were to be paid in one year, that’s how much each taxpayer would owe. Truth in Accounting gave Philadelphia a grade of “F.”

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