Tennessee

Tennessee

2014 Data (Released 8/11/15)

Financial State of the State

Press Release 

2013 Data

Financial State of the State

Tennessee owns more than it owes.  Truth in Accounting’s (TIA) thorough analysis of state finances (below) shows Tennessee has enough available assets to cover its debt.   

  • Taxpayer Burden is each taxpayer's share of state debt, after available assets are tapped
  • TIA analyzes both state assets and liabilities, not merely pension debt
  • Most state debt in the “Taxpayer Burden” is unpaid retirement promises
  • Retirement debt is essentially a state’s ‘credit card balance,’ showing unpaid retirement contributions from prior years 
  • Unfunded pensions leave future taxpayers with the bill for services they did not receive
For a comprehensive look into the state’s financial position, see the Tennessee Financial State of the State

Link to TN CAFR:   Tennessee Comprehensive Annual Financial Report

Publishing Entity:  Tennessee Division of Accounts

Truth in Accounting’s methodology is unique, analyzing all state assets and liabilities, including unreported pension and retirement health liabilities.

  • Tennessee has $15 billion assets available to pay the state's bills totaling $13 billion
  • The state has $2 billion in available assets after state debt is paid; $1,100 per tax payer
  • This TN Taxpayer Surplus is 3% of an average citizen's personal income of $39,324
  • Tennessee is among 9 "Sunshine States" with enough assets to cover their debt
  • Tennessee exceeded the 180 day goal to release its 2013 Comprehensive Annual Financial Report (CAFR). The state published its report 166 days after fiscal year end
  • Tennessee "Outbound Moves," 49% of total, rank UT 31st of 50 states
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