2014 Data (Released 03/23/2015)

Financial State of Michigan

Press Release

Michigan owes more than it owns
At -$18,100, Michigan's “Taxpayer's Burden” ranks 42nd out of the 50 states
Michigan is among 39 “Sinkhole States” 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
Michigan has only $23.5 billion of assets available to pay bills totaling $78.5 billion
To fill the $55 billion financial hole each Michigan taxpayer would have to send $18,100 to the state
The state's financial report was released 90 days after its fiscal year end, which is considered timely according to the 180 day goal

Prior Years' TIA Data

2013 Financial State of Michigan

Other Resources

Truth in Accounting has released an analysis of cities in the state of Michigan, including Detroit. Two page summaries for each of the 10 local governments can be found here

Michigan Comprehensive Annual Financial Report 

Publishing Entity:  Michigan State Budget Office