TIA Data

2016 Financial State of Michigan (Released 5/15/2017)

2016 Financial State of Detroit (Released 1/24/2018)

Michigan owes more than it owns and ranks the 39th out of the 50 states.
Michigan's Taxpayer Burden™ is -$17,100, and received a "D" from TIA.
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 $26 billion of assets available to pay bills totaling $79.2 billion.
Because Michigan doesn't have enough money to pay its bills, it has a $53.3 billion financial hole. To fill it, each Michigan taxpayer would have to send $17,100 to the state.
Because of an accounting rule implemented last year, Michigan has to report its pension debt on its balance sheet. This year, the state's reported pension debt grew from $6.2 billion in 2015 to $6.9 billion in 2016. However, when the liabilities of the Public School Employees Retirement System (PSERS) are included, the actual pension debt is closer to $31.6 billion.
The state reports retiree health care debt of $2.9 billion, but the actual amount is closer to $19 billion (including liabilities of PSERS). A new accounting standard will be implemented in two years, and will require states to report this debt on the balance sheet.
The state's financial report was released 123 days after its fiscal year end, which is considered timely according to the 180 day standard.

Prior Years' TIA Data

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