Truth in Accounting
California

TIA Data

2016 Financial State of California (Released 6/15/2017)

2016 Financial State of Anaheim (Released 1/24/2018)

2016 Financial State of Bakersfield (Released 1/24/2018)

2016 Financial State of Chula Vista (Released 1/24/2018)

2016 Financial State of Fresno (Released 1/24/2018)

2016 Financial State of Irvine (Released 1/24/2018)

2016 Financial State of Long Beach (Released 1/24/2018)

2016 Financial State of Los Angeles (Released 1/24/2018)

2016 Financial State of Oakland (Released 1/24/2018)

2016 Financial State of Riverside (Released 1/24/2018)

2016 Financial State of Sacramento (Released 1/24/2018)

2016 Financial State of Santa Ana (Released 1/24/2018)

2016 Financial State of San Diego (Released 1/24/2018)

2016 Financial State of San Francisco (Released 1/24/2018)

2016 Financial State of San Jose (Released 1/24/2018)

2016 Financial State of Stockton (Released 1/24/2018)

 
California owes more than it owns and ranks the 43rd out of the 50 states.
California's Taxpayer Burden™ is -$21,600, and received an "F" from TIA.
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 $97.3 billion of assets available to pay bills totaling $352.5 billion.
Because California doesn't have enough money to pay its bills, it has a $255.1 billion financial hole. To fill it, each California taxpayer would have to send $21,600 to the state.
Because of an accounting rule implemented last year, California has to report its pension debt on its balance sheet. This year, the state's reported pension debt grew from $74.5 billion in 2015 to $87.1 billion in 2016.
Despite reporting most of its pension debt, the state is still hiding $59.4 billion of retiree health care debt. 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 265 days after its fiscal year end, which is considered untimely according to the 180 day standard.
 

Prior Years' TIA Data

2015 Financial State of California

2014 Financial State of California

2013 Financial State of California

Other Resources

California Comprehensive Annual Financial Reports

Publishing Entity: California State Controller's Office

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