Maine only has $6.4 billion of assets available to pay bills totaling $9.9 billion.
Because Maine doesn't have enough money to pay its bills, it has a $3.5 billion financial hole. To fill it, each Maine taxpayer would have to send $7,500 to the state.
Maine's reported net position is inflated by $884.9 million, largely because the state defers recognizing losses incurred when the net pension liability increases.
The state is still hiding $1.6 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 168 days after its fiscal year end, which is considered timely according to the 180 day standard.