Wednesday, August 15, 2018

Nashville does not have enough money to pay its bills.

2016 Financial State of Nashville (Released 1/24/2018)
Nashville's Taxpayer Burden™ is -$15,600, and it received a "D" from TIA.
Nashville is a Sinkhole City without enough assets to cover its debt.
Decisions by elected officials have led to a Taxpayer Burden™, which is each taxpayer's share of city bills after its available assets have been tapped.
TIA's Taxpayer Burden™ measurement accounts for all assets and liabilities, including pension and retiree healthcare debt.
Nashville only has $3.2 billion of assets available to pay bills totaling $6.3 billion.
Because Nashville doesn't have enough money to pay its bills, it has a $3.1 billion financial hole. To erase this shortfall, each Nashville taxpayer would have to send $15,600 to the city.
Thanks to an accounting rule implemented in the 2015 fiscal year, Nashville must report its pension debt on its balance sheet. However, the city still excludes $1.7 billion of retirement obligations, which consist mostly of retiree healthcare liabilities. A new accounting standard will be implemented in the 2018 fiscal year that will require governments to report these liabilities on the balance sheet as well.
The city's financial report was released 123 days after its fiscal year end, which is considered timely according to the 180 day standard.

For information on the organization Truth in Accounting, follow this link. This information is irrefutable. It is not just an opinion. Nashville is just one bit of bad news away from a serious financial crisis. A national crisis that meant people traveled less, the loss of one of our sports franchises, a 2010 flood, or simply Nashville's time in the sun coming to and end and we could not pay our debts. For more information on the dire financial situation of Nashville, follow this link.

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