TIA Data

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

Florida owes more than it owns.
Florida has a -$1,800 Taxpayer Burden.™
Florida 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.
Florida only has $58.6 billion of assets available to pay bills totaling $70.1 billion.
Because Florida doesn't have enough money to pay its bills, it has a $11.6 billion financial hole. To fill it, each Florida taxpayer would have to send $1,800 to the state.
Florida's reported net position is inflated by $4.3 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, Florida still excludes $815.9 million of pension debt from its balance sheet. In addition, the state is still hiding $5.9 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 227 days after its fiscal year end, which is considered untimely according to the 180 day standard.

Prior Years' TIA Data

2016 Financial State of Florida

2015 Financial State of Florida

2014 Financial State of Florida

2013 Financial State of Florida

2012 Financial State of Florida

2011 Financial State of Florida

2010 Financial State of Florida

2009 Financial State of Florida

City and Other Municipal Reports

Financial State of Jacksonville

Financial State of Miami

Financial State of Orlando

Financial State of Tampa

Other Resources

Florida Comprehensive Annual Financial Reports

Publishing Entity: Division of Accounting and Auditing

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.