Truth in Accounting

Virginia Beach, VA

TIA Data

2022 Financial State of Virginia Beach (Released 2/15/2024)

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's Taxpayer Surplus™ is $1,600, and it received a "B" from TIA.
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 $1.8 billion of assets available to pay the state's bills totaling $1.6 billion.
Virginia Beach has $250 million available after bills have been paid, which breaks down to $1,600 per taxpayer.
Virginia Beach's reported net position is understated by $254 million, largely because the city defers recognizing gains resulting from decreases in retirement liabilities.
The city's financial report was released 165 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

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

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