Omaha Financial Breakdown
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According to a 2021 Truth in Accounting report based on Omaha's fiscal year 2019 audited financial report, the city entered the COVID-19 pandemic in poor fiscal health with a total debt burden of $1.2 billion, or $7,500 per taxpayer, earning it a "D" financial grade and ranking 50th out of 75 cities. The city's financial problems stem primarily from unfunded retirement obligations, including $1 billion in unfunded pension benefits and $436.9 million in unfunded retiree health care benefits, with only $703.7 million in assets available to cover $1.9 billion in total bills. The report warned that Omaha's overall debt would likely increase due to pandemic-related revenue losses and insufficient reserves to maintain government services and benefits.
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More budgets from Omaha
- Budget
The City of Omaha's FY25 General Fund budget (October 2024 – September 2025) projects total income of $401,872.00, primarily from property tax ($229,772.00), monthly sales tax ($128,000.00), and franchise fees ($20,000.00). Total budgeted expenses are $383,508.00, with major allocations including employee salaries ($96,758.00), health and insurance costs ($51,000.00), police department operations ($51,500.00), utilities ($44,600.00), and economic development ($42,500.00), resulting in a projected net operating income of $18,364.00.
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