TIA Data

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

California owes more than it owns.
California has a -$22,000 Taxpayer Burden.™
California 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.
California only has $100.1 billion of assets available to pay bills totaling $369.9 billion.
Because California doesn't have enough money to pay its bills, it has a $269.9 billion financial hole. To fill it, each California taxpayer would have to send $22,000 to the state.
California's reported net position is inflated by $16.7 billion, largely because the state defers recognizing losses incurred when the net pension liability increases.
Despite a recently implemented accounting standard meant to increase transparency, California still excludes $5.4 billion of pension debt from its balance sheet. In addition, the state is still hiding $58.4 billion 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 264 days after its fiscal year end, which is considered untimely according to the 180 day standard.

Prior Years' TIA Data

2016 Financial State of California

2015 Financial State of California

2014 Financial State of California

2013 Financial State of California

2012 Financial State of California

2011 Financial State of California

2010 Financial State of California

2009 Financial State of California

City and Other Municipal Reports

Financial State of Anaheim

Financial State of Bakersfield

Financial State of Chula Vista

Financial State of Fresno

Financial State of Irvine

Financial State of Long Beach

Financial State of Los Angeles

Financial State of Oakland

Financial State of Riverside

Financial State of Sacramento

Financial State of San Diego

Financial State of San Francisco

Financial State of San Jose

Financial State of Santa Ana

Financial State of Stockton

Other Resources

California Comprehensive Annual Financial Reports

Publishing Entity: California State Controller's Office

Could the Tax Cuts and Jobs Act mean more state income tax audits?

MAY 29, 2019 | THE CPA JOURNAL | by Michael Sarder

The Tax Cuts and Jobs Act (TCJA), signed into law on December 22, 2018, delivered sweeping changes to the federal tax code. These changes brought with them ambiguity and uncertainty, which will likely lead to federal tax audits and disputes on how such provisions should be applied and interpreted.