New Jersey

TIA Data

2016 Financial State of New Jersey (Released 6/15/2017)

New Jersey owes more than it owns and ranks the 50th out of the 50 states.
New Jersey's Taxpayer Burden™ is -$67,200, and received an "F" from TIA.
New Jersey 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.
New Jersey only has $23.2 billion of assets available to pay bills totaling $232.1 billion.
Because New Jersey doesn't have enough money to pay its bills, it has a $208.9 billion financial hole. To fill it, each New Jersey taxpayer would have to send $67,200 to the state.
Because of an accounting rule implemented last year, New Jersey has to report its pension debt on its balance sheet. This year, the state's reported pension debt grew from $82.4 billion in 2015 to $98 billion in 2016.
Despite reporting most of its pension debt, the state is still hiding $36.7 billion of retiree health care debt. 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 258 days after its fiscal year end, which is considered untimely according to the 180 day standard.

Prior Years' TIA Data

2015 Financial State of New Jersey

2014 Financial State of New Jersey

2013 Financial State of New Jersey

Other Resources

New Jersey Comprehensive Annual Financial Reports

Publishing Entity: Department of the Treasury: Office of Management and Budget

New Jersey’s budget would raise taxes on almost everything

MARCH 15, 2018 | ACCOUNTING TODAY | by Elise Young

New Jersey Governor Phil Murphy proposed taxing online-room booking, ride-sharing, marijuana, e-cigarettes and internet transactions along with raising taxes on millionaires and retail sales to fund a record $37.4 billion budget that would boost spending on schools, pensions and mass transit.