North Carolina

TIA Data

2016 Financial State of North Carolina (Released 6/15/2017)

2015 Financial State of Raleigh (Released 1/11/2017)

2015 Financial State of Charlotte (Released 1/11/2017)

 
North Carolina owes more than it owns and ranks the 29th out of the 50 states.
North Carolina's Taxpayer Burden™ is -$9,200, and received a "D" from TIA.
North Carolina 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.
North Carolina only has $29.6 billion of assets available to pay bills totaling $56.2 billion.
Because North Carolina doesn't have enough money to pay its bills, it has a $26.6 billion financial hole. To fill it, each North Carolina taxpayer would have to send $9,200 to the state.
Because of an accounting rule implemented last year, North Carolina has to report its pension debt on its balance sheet. This year, the state's reported pension debt grew from $693.7 million in 2015 to $1.6 billion in 2016. However, $2.6 billion is still excluded because the financial report was prepared using outdated pension valuations.
The state is also hiding all of its retiree health care debt, which amounts to $32.5 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 155 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2015 Financial State of North Carolina

2014 Financial State of North Carolina

2013 Financial State of North Carolina

Other Resources

North Carolina Comprehensive Annual Financial Reports

Publishing Entity: Office of the State Controller

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