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
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.
Despite reporting most of its pension debt, the commonwealth is still hiding retiree health care debt. Pennsylvania's total hidden debt amounts to $42.7 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 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

IN THE NEWS
Pennsylvania passes pension ‘overhaul’

JUNE 15, 2017 | THE AMERICAN INTEREST

But by and large this legislation isn’t as big a step forward as lawmakers and Pennsylvania’s Governor Tom Wolf are making it out to be.

VIEW LESS