California

2015 Data (Released 06/14/2016)

Financial State of California

Press Release

 
California owes more than it owns
California has a -$20,900 “Taxpayer Burden”
California is a “Sinkhole State” without enough assets to cover its debt
Elected officials have created a Taxpayer Burden, which is each taxpayer's share of state bills after its assets available have been tapped
TIA's Taxpayer Burden measurement incorporates both assets and liabilities, not just pension debt
California has only $96.1 billion of assets available to pay bills totaling $335.4 billion
To fill the $239.3 billion financial hole each California taxpayer would have to send $20,900 to the state
Because of a new accounting rule, California now has to report its pension debt on its balance sheet. As a result, the state's reported pension debt grew from $11 billion in 2014 to $74.5 billion in 2015. However, the state is still hiding $4.4 billion of pension debt from taxpayers.
The state's financial report was released 262 days after its fiscal year end, which is considered untimely according to the 180 day goal
 

Prior Years' TIA Data

2014 Financial State of California

2013 Financial State of California

 

Other Resources

California Comprehensive Annual Financial Reports

Publishing Entity: California State Controller's Office

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