Michigan

2015 Data (Released 06/06/2016)

Financial State of Michigan

Press Release

 
Michigan owes more than it owns
Michigan has a -$18,200 “Taxpayer Burden”
Michigan 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 assets available have been tapped
TIA's Taxpayer Burden measurement incorporates both assets and liabilities, not just pension debt
Michigan has only $25.5 billion of assets available to pay bills totaling $81 billion
To fill the $55.5 billion financial hole each Michigan taxpayer would have to send $18,200 to the state
Because of a new accounting rule, Michigan now has to report its pension debt on its balance sheet. As a result, the state's reported pension debt grew from $742.2 million in 2014 to $6.2 billion in 2015.
The state's financial report was released 92 days after its fiscal year end, which is considered timely according to the 180 day goal
 

Prior Years' TIA Data

2014 Financial State of Michigan

2013 Financial State of Michigan

 

Other Resources

Michigan Comprehensive Annual Financial Reports

Publishing Entity: State Budget Office

IN THE NEWS
VIEW LESS