Minnesota

TIA Data

2016 Financial State of Minnesota (Released 6/15/2017)

2015 Financial State of Minneapolis (Released 1/11/17)

 
Minnesota owes more than it owns
Minnesota's Taxpayer Burden™ is -$8,800, and received a "D" from TIA
Minnesota 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
Minnesota only has $19.4 billion of assets available to pay bills totaling $37 billion
Because Minnesota doesn't have enough money to pay its bills, it has a $17.6 billion financial hole. To fill it, each Minnesota taxpayer would have to send $8,800 to the state
Because of an accounting rule implemented last year, Minnesota has to report its pension debt on its balance sheet. This year, the state's reported pension debt grew from $3.5 billion in 2015 to $4 billion in 2016. However, the state's actual pension debt is closer to $18.3 billion. The state excludes most of the liability because outdated pension valuations were used in the preparation of the financial report.
The state is also hiding retiree health care debt in the amount of $425.3 million. 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 169 days after its fiscal year end, which is considered timely according to the 180 day standard
 

Prior Years' TIA Data

2015 Financial State of Minnesota

2014 Financial State of Minnesota

2013 Financial State of Minnesota

Other Resources

Minnesota Comprehensive Annual Financial Reports

Publishing Entity: Minnesota Management and Budget

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