California

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 Stockton

2016 Financial State of Santa Ana

2016 Financial State of San Jose

2016 Financial State of San Francisco

2016 Financial State of San Diego

2016 Financial State of Sacramento

2016 Financial State of Riverside

2016 Financial State of Oakland

2016 Financial State of Los Angeles

2016 Financial State of Long Beach

2016 Financial State of Irvine

2016 Financial State of Fresno

2016 Financial State of Chula Vista

2016 Financial State of California

2016 Financial State of Bakersfield

2016 Financial State of Anaheim

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

IN THE NEWS
California considers a texting tax

DECEMBER 14, 2018 | ENGADGET | by Rachel England

Cell phone owners in California could soon pay extra for the privilege of sending text messages, thanks to landline-era legislation and changing usage patterns. According to recent public law filings, the state's Public Utilities Commission (PUC) is considering a plan that would bill users a monthly fee for any text message services they use, and phone service carriers aren't happy about it.

VIEW LESS