2015 Data (Released 09/19/2016)

Financial State of Washington

Financial State of Seattle

Washington owes more than it owns
At -$10,400, Washington's “Taxpayer's Burden” ranks 32nd out of the 50 states
Washington 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
Washington has only $35 billion of assets available to pay bills totaling $60.4 billion
To fill the $25.4 billion financial hole each Washington taxpayer would have to send $10,400 to the state
Because of a new accounting rule, Washington now has to report its pension debt on its balance sheet. As a result, the state's reported pension debt grew from $380.5 million in 2014 to $2.4 billion in 2015. However, the state is still hiding $6.6 billion of pension debt from taxpayers.
The state's financial report was released 122 days after its fiscal year end, which is considered timely according to the 180 day goal

Prior Years' TIA Data

2014 Financial State of Washington

2013 Financial State of Washington

Other Resources

Washington Comprehensive Annual Financial Reports

Publishing Entity: Office of Financial Management

Unpaid taxes to help balance state budget

APRIL 1, 2016 | KIRO 7

So lawmakers are offering the national corporations a deal, pay four years of back taxes with interest -- and the state will forgo legal action and penalties.