Michigan

TIA Data

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

 
Michigan owes more than it owns.
Michigan has a -$16,600 Taxpayer Burden.™
Michigan 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.
Michigan only has $25.8 billion of assets available to pay bills totaling $78.7 billion.
Because Michigan doesn't have enough money to pay its bills, it has a $53 billion financial hole. To fill it, each Michigan taxpayer would have to send $16,600 to the state.
Michigan's reported net position is inflated by $1.2 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, Michigan still excludes $25.8 billion of pension debt from its balance sheet. In addition, the state is still hiding $16.3 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 97 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2016 Financial State of Michigan

2016 Financial State of Detroit

2015 Financial State of Michigan

2014 Financial State of Michigan

2013 Financial State of Saginaw

2013 Financial State of Midland

2013 Financial State of Michigan

2013 Financial State of Lansing

2013 Financial State of Kalamazoo

2013 Financial State of Jackson

2013 Financial State of Holland

2013 Financial State of Grand Rapids

2013 Financial State of Flint

2013 Financial State of Detroit

2013 Financial State of Battle Creek

Other Resources

Michigan Comprehensive Annual Financial Reports

Publishing Entity: State Budget Office

IN THE NEWS
Lansing looks to bonds to help solve local pension, health-care debts

DECEMBER 19, 2018 | BRIDGE (MICHIGAN) | by Lindsay VanHulle

Hefele, the city manager, said he has frozen full-time hiring to avoid adding anyone to the underfunded pension system, and studied modifying or closing the city’s pension plan. Yet the city’s roughly $350,000 pension contribution this year is expected to more than double within 10 years, and top $1 million within 20 years.

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