South Carolina

TIA Data

2016 Financial State of South Carolina (Released 5/15/2017)

 
South Carolina owes more than it owns and ranks the 31st out of the 50 states.
South Carolina's Taxpayer Burden™ is -$10,100, and received a "D" from TIA.
South 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.
South Carolina only has $14.1 billion of assets available to pay bills totaling $28.2 billion.
Because South Carolina doesn't have enough money to pay its bills, it has a $14.1 billion financial hole. To fill it, each South Carolina taxpayer would have to send $10,100 to the state.
Because of an accounting rule implemented last year, South Carolina has to report its pension debt on its balance sheet. This year, the state's reported pension debt grew from $5.1 billion in 2015 to $6 billion in 2016.
Despite reporting most of its pension debt, the state is still hiding $9.9 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 165 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2015 Financial State of South Carolina

2014 Financial State of South Carolina

2013 Financial State of South Carolina

Other Resources

South Carolina Comprehensive Annual Financial Reports

Publishing Entity: South Carolina Comptroller General

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