Connecticut : State Data and Comparisons : State Data Lab

TIA Data

2016 Financial State of Connecticut (Released 4/17/2017)

Connecticut owes more than it owns and ranks the 48th out of the 50 states.

Connecticut's Taxpayer Burden™ is -$49,500, and received an "F" from TIA.

Connecticut 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 available assets have been tapped.

TIA's Taxpayer Burden™ measurement incorporates both assets and liabilities, not just pension debt.

Connecticut only has $11.3 billion of assets available to pay bills totaling $74.9 billion.

Because Connecticut doesn't have enough money to pay its bills, it has a $63.6 billion financial hole. To fill it, each Connecticut taxpayer would have to send $49,500 to the state.

Because of an accounting rule implemented last year, Connecticut has to report its pension debt on its balance sheet. This year, the state's reported pension debt grew from $24.6 billion in 2015 to $27.7 billion in 2016.

Despite reporting most of its pension debt, the state is still hiding retiree health care debt. Connecticut's total hidden debt amounts to $11.9 billion. A new accounting standard will be implemented in two years, and will require states to report this debt on the balance sheet.

The state's financial report was released 183 days after its fiscal year end, which is considered untimely according to the 180 day standard.