2015 Data (Released 03/15/2016)

Financial State of Virginia

Financial State of Virginia Beach 

Virginia owes more than it owns
At -$1,500, Virginia's “Taxpayer's Burden” ranks 15th out of the 50 states
Virginia 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
Virginia has only $35.1 billion of assets available to pay bills totaling $39.2 billion
To fill the $4.2 billion financial hole each Virginia taxpayer would have to send $1,500 to the state
Because of a new accounting rule, Virginia now has to report its pension debt on its balance sheet. As a result, the commonwealth's reported pension debt grew from $3.3 billion in 2014 to $6.8 billion in 2015. However, the commonwealth is still hiding $361.7 million of pension debt from taxpayers.
The state's financial report was released 168 days after its fiscal year end, which is considered timely according to the 180 day goal

Prior Years' TIA Data

2014 Financial State of Virginia

2013 Financial State of Virginia

Other Resources

Virginia Comprehensive Annual Financial Reports

Publishing Entity: Department of Accounts