Virginia

TIA Data

2016 Financial State of Virginia (Released 4/17/2017)

2015 Financial State of Virginia Beach (Released 1/11/2017)

 
Virginia owes more than it owns and ranks the 13th out of the 50 states.
Virginia's Taxpayer Burden™ is -$2,200, and received a "C" from TIA.
Virginia 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.
Virginia only has $34.2 billion of assets available to pay bills totaling $40.3 billion.
Because Virginia doesn't have enough money to pay its bills, it has a $6.1 billion financial hole. To fill it, each Virginia taxpayer would have to send $2,200 to the state.
Because of an accounting rule implemented last year, Virginia has to report its pension debt on its balance sheet. This year, the commonwealth's reported pension debt grew from $6.8 billion in 2015 to $7.4 billion in 2016.
Despite reporting most of its pension debt, the commonwealth is still hiding $1.1 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 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 Virginia

2014 Financial State of Virginia

2013 Financial State of Virginia

Other Resources

Virginia Comprehensive Annual Financial Reports

Publishing Entity: Department of Accounts

IN THE NEWS
How does Virginia stack up?

MAY 4, 2017 | NATIONAL FEDERATION OF INDEPENDENT BUSINESS

In terms of tax burden and financial stability, Virginia is about average, WVTF Public Radio reported. 

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