TIA Data

2017 Financial State of Arizona (Released 9/25/2018)

Arizona owes more than it owns.
Arizona has a -$4,500 Taxpayer Burden.™
Arizona 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.
Arizona only has $9.8 billion of assets available to pay bills totaling $18.6 billion.
Because Arizona doesn't have enough money to pay its bills, it has a $8.8 billion financial hole. To fill it, each Arizona taxpayer would have to send $4,500 to the state.
Arizona's reported net position is inflated by $906.4 million, largely because the state defers recognizing losses incurred when the net pension liability increases.
Despite a recently implemented accounting standard meant to increase transparency, Arizona still excludes $2.1 billion of pension debt from its balance sheet. In addition, the state is still hiding $896.5 million of its retiree health care debt. A new accounting standard will be implemented in the 2018 fiscal year which will require states to report this debt on the balance sheet.
The state's financial report was released 258 days after its fiscal year end, which is considered untimely according to the 180 day standard.

Prior Years' TIA Data

2016 Financial State of Tucson

2016 Financial State of Phoenix

2016 Financial State of Mesa

2016 Financial State of Arizona

2015 Financial State of Arizona

2014 Financial State of Arizona

2013 Financial State of Arizona

Other Resources

Arizona Comprehensive Annual Financial Reports

Publishing Entity: General Accounting Office

The Arizona solution to state pensions

NOVEMBER 19, 2018 | CRAIN’S CHICAGO BUSINESS | by Mark Glennon

Not that it ever really did, but Illinois no longer has any excuse for not dealing with its pension crisis, given how Arizona has reformed its system. Arizona's state constitutional pension protection clause was identical to Illinois' in promising that "benefits shall not be diminished or impaired."