Pennsylvania

TIA Data

2016 Financial State of Pennsylvania (Released 4/17/2017)

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

 
Pennsylvania owes more than it owns and ranks the 37th out of the 50 states.
Pennsylvania's Taxpayer Burden™ is -$16,800, and received a "D" from TIA.
Pennsylvania 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.
Pennsylvania only has $39 billion of assets available to pay bills totaling $111.4 billion.
Because Pennsylvania doesn't have enough money to pay its bills, it has a $72.4 billion financial hole. To fill it, each Pennsylvania taxpayer would have to send $16,800 to the state.
Because of an accounting rule implemented last year, Pennsylvania has to report its pension debt on its balance sheet. This year, the commonwealth's reported pension debt grew from $14 billion in 2015 to $17.1 billion in 2016. However, when the liabilities of the Public School Employees Retirement System (PSERS) are included, the actual pension debt is closer to $41.9 billion.
The state reports retiree health care debt of $4.7 billion, but the actual amount is closer to $22.6 billion (including liabilities of PSERS). 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 168 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2015 Financial State of Pennsylvania

2014 Financial State of Pennsylvania

2013 Financial State of Pennsylvania

Other Resources

Pennsylvania Comprehensive Annual Financial Reports

Publishing Entity: Pennsylvania Office of the Budget

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