Truth in Accounting

Los Angeles, CA

TIA Data

2019 Los Angeles Combined Taxpayer Burden (Released 5/11/2021) 

2019 Financial State of Los Angeles (Released 1/26/2021)

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

 
Los Angeles' Taxpayer Burden™ is -$4,000, and it received a "C" from TIA.
Los Angeles 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.
Los Angeles only has $16.3 billion of assets available to pay bills totaling $21.4 billion.
Because Los Angeles doesn't have enough money to pay its bills, it has a $5.1 billion financial hole. To erase this shortfall, each Los Angeles taxpayer would have to send $4,000 to the city.
Los Angeles's reported net position is inflated by $1.6 billion, largely because the city defers recognizing losses incurred when retirement liabilities increase.
The city's financial report was released 214 days after its fiscal year end, which is considered untimely according to the 180 day standard.
 

Prior Years' TIA Data

2018 Los Angeles Combined Taxpayer Burden

2018 Financial State of Los Angeles

2017 Los Angeles Combined Taxpayer Burden

2017 Financial State of Los Angeles

2016 Los Angeles Combined Taxpayer Burden

2016 Financial State of Los Angeles

2015 Financial State of Los Angeles

2014 Financial State of Los Angeles

Other Resources

Los Angeles Comprehensive Annual Financial Reports

Publishing Entity: Los Angeles City Controller

IN THE NEWS
The $392,000 lifeguard: ‘Baywatch’ as union shop

MAY 13, 2021 | THE WALL STREET JOURNAL | by Adam Andrzejewski

By Adam Andrzejewski, includes “Being a lifeguard isn’t easy, but in Los Angeles it can be lucrative. Auditors at OpenTheBooks.com found 82 county lifeguards earning at least $200,000 including benefits and seven making between $300,000 and $392,000. … After 30 years of service, they can retire as young as 55 on 79% of their pay.”

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