South Carolina

TIA Data

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

 
South Carolina owes more than it owns
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 retiree health care debt. South Carolina's total hidden debt amounts to $10.7 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 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

IN THE NEWS
Just how broke is South Carolina?

JUNE 12, 2017 | 106.3 FM (SOUTH CAROLINA)

Because the state is utterly, shockingly broke thanks to its corrupt mismanagement of the pension system.

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