South Carolina

2015 Data (Released 09/19/2016)

Financial State of South Carolina

 
South Carolina owes more than it owns
At -$10,100, South Carolina's “Taxpayer's Burden” ranks 31st out of the 50 states
South Carolina is among 40 “Sinkhole States” 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 assets available have been tapped
TIA's Taxpayer Burden measurement incorporates both assets and liabilities, not just pension debt
South Carolina has only $12.7 billion of assets available to pay bills totaling $26.4 billion
To fill the $13.7 billion financial hole each South Carolina taxpayer would have to send $10,100 to the state
Because of a new accounting rule, South Carolina now has to report its pension debt on its balance sheet. As a result, the state's reported pension debt grew from $8.8 million in 2014 to $5.1 billion in 2015. However, the state is still hiding $1.5 billion of pension debt from taxpayers.
The state's financial report was released 148 days after its fiscal year end, which is considered timely according to the 180 day goal
 

Prior Years' TIA Data

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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