Truth in Accounting
Connecticut

TIA Data

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

 
Connecticut owes more than it owns.
Connecticut has a -$53,400 Taxpayer Burden.™
Connecticut 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.
Connecticut only has $12.1 billion of assets available to pay bills totaling $81.9 billion.
Because Connecticut doesn't have enough money to pay its bills, it has a $69.8 billion financial hole. To fill it, each Connecticut taxpayer would have to send $53,400 to the state.
Connecticut's reported net position is inflated by $11 billion, largely because the state defers recognizing losses incurred when the net pension liability increases.
The state is still hiding $10.4 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 182 days after its fiscal year end, which is considered untimely according to the 180 day standard.
 

Prior Years' TIA Data

2016 Financial State of Connecticut

2015 Financial State of Connecticut

2015 Financial State of Bridgeport

2014 Financial State of Connecticut

2013 Financial State of Connecticut

2012 Financial State of Bridgeport

2011 Financial State of Bridgeport

Other Resources

Connecticut Comprehensive Annual Financial Reports

Publishing Entity: Office of the State Comptroller

IN THE NEWS
Connecticut needs to defuse its retirement debt bomb

JANUARY 15, 2019 | HARTFORD COURANT | by David Walker

“Connecticut and several of its largest cities have become non-competitive, so businesses and people are voting with their feet. United Van Lines just rated Connecticut the second-highest percentage outbound state in 2018, exceeded only by New Jersey. … Connecticut needs to join the vast majority of states in setting retirement benefits by statute rather than through collective bargaining contracts.”

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