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

2012 Financial State of New Jersey

2011 Financial State of New Jersey

2010 Financial State of New Jersey

2009 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 only 2 states that can’t afford a recession

MAY 24, 2019 | GOVERNING | by Liz Farmer

“The chronic budget-balancing struggles of Illinois and New Jersey since the Great Recession have earned them a dubious distinction this week: They are the only two states not prepared to weather the next recession. … The findings are an update from the first report of this kind that Moody’s conducted three years ago. That report, which did not include pension risk and only studied the 20 most populous states, found that California and Illinois were the least-prepared.”