San Francisco Finances Still Struggling

A new report on the financial condition of the 75 most populous cities ranks San Francisco no. 71 in the nation for fiscal health. The report is based on the cities’ 2017 comprehensive annual financial reports, the most recent data available.

The analysis by Truth in Accounting, a non-profit government finance watchdog group, found San Francisco needs $6,325 million to get out of the red, or $22,600 from each of its taxpayers.

According to the watchdog's annual Financial State of the Cities report, San Francisco has $14,248 million in bills and only $7,923 million in available assets to pay those bills after capital and restricted assets are excluded. This results in a $6,325 million shortfall, or a $22,600 San Francisco Taxpayer Burden™, which is each taxpayer's share of the municipal debt after the city's available assets have been tapped. TIA's Taxpayer Burden indicator incorporates both assets and liabilities, including pension debt.

The bottom line is that San Francisco does not have enough money to pay its bills, which is why it received a "F" grade for its fiscal health.

You can read the full report here and San Francisco's individual report here.