New York

TIA Data

2016 Financial State of New York (Released 4/17/2017)

2015 Financial State of New York City (Released 1/11/2017)

 
New York owes more than it owns and ranks the 42nd out of the 50 states.
New York's Taxpayer Burden™ is -$20,500, and received an "F" from TIA.
New York 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.
New York only has $129.8 billion of assets available to pay bills totaling $262.3 billion.
Because New York doesn't have enough money to pay its bills, it has a $132.5 billion financial hole. To fill it, each New York taxpayer would have to send $20,500 to the state.
Because of an accounting rule implemented last year, New York has to report its pension debt on its balance sheet. This year, the state's reported pension debt grew from $2.8 billion in 2015 to $13 billion in 2016.
Despite reporting most of its pension debt, the state is still hiding $64.4 billion of retiree health care debt. 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 154 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2015 Financial State of New York

2014 Financial State of New York

2013 Financial State of New York

Other Resources

New York Comprehensive Annual Financial Reports

Publishing Entity: Office of State Comptroller

IN THE NEWS
Going, going, gone – concerned?

OCTOBER 17, 2017 | ACCOUNTING TODAY | by Stephen Franciosa

After having concluded the June 30, 2012, engagement and issuing an unmodified report on May 9, 2013, for a preschool organization in the City of New York, which I had been auditing for just over 10 years, I was faced with a dilemma.

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