Truth in Accounting

Virginia Beach, VA

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TIA Data

2023 Financial State of Virginia Beach (Released 02/27/2024)

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

 
Virginia Beach owns more than it owes.
Virginia Beach has a $0 Taxpayer Surplus.™
Virginia Beach is a Sunshine City with enough assets to cover its debt.
Decisions by elected officials have created a Taxpayer Surplus™, which is each taxpayer's share of money available after city bills have been paid.
TIA's Taxpayer Surplus™ measurement incorporates all assets and liabilities, including retirement obligations.
Virginia Beach has $1.7 billion of assets available to pay the state's bills totaling $1.7 billion.
Virginia Beach has $4.3 million available after bills have been paid, which breaks down to $0 per taxpayer.
Virginia Beach's reported net position is inflated by $40.4 million, largely because the city defers recognizing losses incurred when retirement liabilities increase.
The city's financial report was released 160 days after its fiscal year end, which is considered timely according to the 180 day standard.

Prior Years' TIA Data

2022 Financial State of Virginia Beach

2021 Financial State of Virginia Beach

2020 Financial State of Virginia Beach

2019 Financial State of Virginia Beach

2018 Financial State of Virginia Beach

2017 Financial State of Virginia Beach

2016 Financial State of Virginia Beach

2015 Financial State of Virginia Beach

 

Other Resources

Virginia Beach Annual Comprehensive Financial Reports

Publishing Entity: Department of Finance

IN THE NEWS
Financial State of the Cities 2025

FEBRUARY 27, 2025

The Financial State of the Cities report found that 54 cities did not have enough money to pay their bills. Each city has some form of a balanced budget requirement, but this new report shows that cities have not met the intent of their requirement and have pushed costs onto future taxpayers.

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