Maine

TIA Data

2016 Financial State of Maine (Released 5/15/2017)

 
Maine owes more than it owns
Maine's Taxpayer Burden™ is -$9,700, and received a "D" from TIA
Maine 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
Maine only has $6.2 billion of assets available to pay bills totaling $10.6 billion
Because Maine doesn't have enough money to pay its bills, it has a $4.4 billion financial hole. To fill it, each Maine taxpayer would have to send $9,700 to the state
Because of an accounting rule implemented last year, Maine has to report its pension debt on its balance sheet. This year, the state's reported pension debt grew from $1.9 billion in 2015 to $2.3 billion in 2016.
Despite reporting most of its pension debt, the state is still hiding retiree health care debt. Maine's total hidden debt amounts to $2.5 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 175 days after its fiscal year end, which is considered timely according to the 180 day standard
 

Prior Years' TIA Data

2015 Financial State of Maine

2014 Financial State of Maine

2013 Financial State of Maine

Other Resources

Maine Comprehensive Annual Financial Reports

Publishing Entity: Office of the State Controller

IN THE NEWS
VIEW LESS