Denver’s debt tops $1 billion: report

A new report on the financial condition of the 75 most populous cities ranks Denver No. 34 in the nation for fiscal health.

The analysis by Truth in Accounting, a non-profit government finance watchdog group, found Denver needs $1.1 billion to get out of the red, or $4,600 from each of its taxpayers.

According to the watchdog’s annual Financial State of the Cities report, Denver has $4.2 billion in bills and about $3 billion in available assets to pay those bills after capital and restricted assets are excluded. This results in a $1.1 billion shortfall, or a $4,600 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, not just pension debt.

Most of the city's overall debt comes from retirement liabilities that have accumulated over many years. Of the $5.8 billion in retirement benefits promised, the city has not funded $1.3 billion in pension benefits and $141.1 million in retiree health care benefits.

Meanwhile, neighboring Aurora is one of just 12 cities that can tout a Taxpayer Surplus, meaning the city still would have money left over after paying all of its bills. For Aurora taxpayers, that figure is $2,300, which is seventh best in the nation.

You can read the full report here. For Denver’s and Aurora’s individual report, click here and here.