Illinois owes more than it owns. Truth in Accounting’s (TIA) thorough analysis of state finances (below) shows Illinois does not have enough available assets to cover its debt.
“Taxpayer Burden” is each Kentucky 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
Kentucky has the 6th worst “Taxpayer Burden” of all 50 states
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: KY vs US average 2009-2013
See more about Kentucky Finaces at the Kentucky Financial State of the State
Link to KY CAFR: Kentucky Comprehensive Annual Financial Report
Publishing Entity: Kentucky Finance and Administration Cabinet
Truth in Accounting’s methodology is unique, analyzing all state assets and liabilities, including unreported pension and retirement health liabilities.