West Virginia

TIA Data

2016 Financial State of West Virginia (Released 6/15/2017)

 
West Virginia owes more than it owns and ranks the 36th out of the 50 states.
West Virginia's Taxpayer Burden™ is -$15,400, and received a "D" from TIA.
West 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.
West Virginia only has $8.2 billion of assets available to pay bills totaling $16.2 billion.
Because West Virginia doesn't have enough money to pay its bills, it has a $8 billion financial hole. To fill it, each West Virginia taxpayer would have to send $15,400 to the state.
Because of an accounting rule implemented last year, West Virginia has to report its pension debt on its balance sheet. This year, the state's reported pension debt grew from $3.6 billion in 2015 to $3.7 billion in 2016.
Despite reporting most of its pension debt, the state is still hiding retiree health care debt. West Virginia's total hidden debt amounts to $2.8 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 304 days after its fiscal year end, which is considered untimely according to the 180 day standard.
 

Prior Years' TIA Data

2015 Financial State of West Virginia

2014 Financial State of West Virginia

2013 Financial State of West Virginia

Other Resources

West Virginia Comprehensive Annual Financial Reports

Publishing Entity: Department of Administration - Finance Division

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