Seattle : State Data and Comparisons : Data-Z

Seattle, WA

TIA Data

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

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Seattle owes more than it owns.

Seattle has a -$1,700 Taxpayer Burden.™

Seattle 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.

Seattle only has $4.4 billion of assets available to pay bills totaling $4.9 billion.

Because Seattle doesn't have enough money to pay its bills, it has a -$518.5 million financial hole. To erase this shortfall, each Seattle taxpayer would have to send -$1,700 to the city.

Seattle's reported net position is inflated by $558.2 million, largely because the city defers recognizing losses incurred when retirement liabilities increase.

The city's financial report was released 179 days after its fiscal year end, which is considered timely according to the 180 day standard.