California

California

  • California is a Sinkhole State and has the 8th worst per Taxpayer Burden
  • California has only $89 billion to pay the state's bills totaling $324 billion
  • To fill its $236 billion financial hole, each taxpayer would have to send $21,400 to the state
  • The California financial statements clearly report $27 billion of retirement liabilities, but in reality the state has more than $140 billion of unfunded retirement promises
  • The California Taxpayer Burden is 45% of an average citizen's personal income of $47,401
  • Despite an 180 day goal, California took 295 days after its fiscal year end to release last year's Comprehensive Annual Financial Report (CAFR)
  • Outbound moves from California were 47%, which usually means more people are moving into the state
For a comprehensive look into the state's financial position, read the California Financial State of the State

Link to CA CAFR:   California Comprehensive Annual Financial Report

Publishing Entity:  California Controller

Truth in Accounting’s methodology is unique, analyzing all state assets and liabilities, including unreported pension and retirement health liabilities. 

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