Long Beach, CA received 'B' grade for fiscal health

Long Beach CA

25 January, 2022

2:08 PM

Description

A new report on the financial condition of the 75 most populous cities ranked Long Beach no. 13 in the nation for fiscal health. The report is based on the cities' 2020 annual comprehensive financial reports, which are not analyzed on this scale by any other organization. The analysis by Truth in Accounting (TIA), a nonprofit government finance watchdog group, found Long Beach has $15 million in money available to pay bills. This surplus equates to $100 for each city taxpayer. According to the watchdog's annual Financial State of the Cities report, Long Beach had $3 billion in bills and $3.1 billion in available assets to pay those bills after capital and restricted assets were excluded. This resulted in a $15 million surplus, or a $100 Taxpayer Surplus™, which is each taxpayer's share of the city's surplus. TIA's Taxpayer Burden indicator incorporates both assets and liabilities, including all retirement liabilities. This analysis surveys the fiscal health of the 75 most populated U.S. cities during the onset of the COVID-19 pandemic. The bottom line is that Long Beach could hypothetically write a check to each city taxpayer, which is why it received a "B" grade for its fiscal health. You can read the full report here.