New Jersey

TIA Data

2017 Financial State of New Jersey (Released 9/25/2018)

New Jersey owes more than it owns.
New Jersey has a -$61,400 Taxpayer Burden.™
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 $25.5 billion of assets available to pay bills totaling $221 billion.
Because New Jersey doesn't have enough money to pay its bills, it has a $195.5 billion financial hole. To fill it, each New Jersey taxpayer would have to send $61,400 to the state.
New Jersey's reported net position is inflated by $27.7 billion, largely because the state defers recognizing losses incurred when the net pension liability increases.
The state is still hiding $34.3 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 272 days after its fiscal year end, which is considered untimely according to the 180 day standard.

Prior Years' TIA Data

2016 Financial State of New Jersey

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

The New Jersey pension crisis: Flailing in deep waters


“… While the pension crisis has arisen largely from a lack of citizen oversight, the state has recently increased government worker control. While it has failed to fund its pensions, it has recently made a cosmetic dedication of lottery revenues that will only serve to hide—not correct—underfunding. And while the state already shows signs of tax-base flight, it contemplates enormous tax increases.”