San Jose : State Data and Comparisons : Data-Z

San Jose, CA

TIA Data

2023 Financial State of San Jose (Released 02/27/2024)

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San Jose owes more than it owns.

San Jose has a -$6,700 Taxpayer Burden.™

San Jose 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.

San Jose only has $2.5 billion of assets available to pay bills totaling $5 billion.

Because San Jose doesn't have enough money to pay its bills, it has a -$2.5 billion financial hole. To erase this shortfall, each San Jose taxpayer would have to send -$6,700 to the city.

San Jose's reported net position is inflated by $592.2 million, largely because the city defers recognizing losses incurred when retirement liabilities increase.

The city's financial report was released 140 days after its fiscal year end, which is considered timely according to the 180 day standard.