California

California

New 2014 Data (Released 5/12/14)

Financial State of California

Press Release

2013 TIA Data

Financial State of California

California owes more than it owns.  Truth in Accounting’s (TIA) thorough analysis of state finances (below) shows California does not have enough available assets to cover its debt.

  • Taxpayer Burden”  is each Californian taxpayer’s share of state debt, after available assets are tapped

  • TIA analyzes both state assets and liabilities, not merely pension debt

  • Most state debt in the “Taxpayer Burden” is unpaid retirement promises

  • California had the 8th worst “Taxpayer Burden” of all 50 states in 2013    

  • Retirement debt is essentially a state’s ‘credit card balance,’ showing unpaid retirement contributions from prior years 

  • Unfunded pensions leave future taxpayers with the bill for services they did not receive

  • States hide retirement debt from public view.  See Hidden Retirement Debt: CA vs US average 2009-2013

See More California Finances at the California Financial State of the State

Other Resources

Link to CA CAFR:   California Comprehensive Annual Financial Report

Publishing Entity:  California Controller

  • California has only $94 billion to pay the state's bills totaling $309 billion
  • To fill its $215 billion financial hole, each California taxpayer would have to send $20,200 to the state
  • This $20,200 Taxpayer Burden is 40% of an average citizen's personal income of $50,109
  • California was among 41 "Sinkhole States," without enough assets to cover their debt in 2013
  • Despite an 180 day goal, California took 295 days after its fiscal year end to release last year's (2013) Comprehensive Annual Financial Report (CAFR)
  • California "Outbound Moves," 47% of total, which usually means more people are moving into the state in 2014
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