North Carolina

TIA Data

2017 Financial State of North Carolina (Released 9/25/2018)

North Carolina owes more than it owns.
North Carolina has a -$8,100 Taxpayer Burden.™
North Carolina 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.
North Carolina only has $31.7 billion of assets available to pay bills totaling $56 billion.
Because North Carolina doesn't have enough money to pay its bills, it has a $24.3 billion financial hole. To fill it, each North Carolina taxpayer would have to send $8,100 to the state.
North Carolina's reported net position is inflated by $2.9 billion, largely because the state defers recognizing losses incurred when the net pension liability increases.
The state is still hiding $32.8 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 154 days after its fiscal year end, which is considered timely according to the 180 day standard.

Prior Years' TIA Data

2016 Financial State of North Carolina

2015 Financial State of North Carolina

2014 Financial State of North Carolina

2013 Financial State of North Carolina

2012 Financial State of North Carolina

2011 Financial State of North Carolina

2010 Financial State of North Carolina

2009 Financial State of North Carolina

City and Other Municipal Reports

Financial State of Charlotte

Financial State of Greensboro

Financial State of Raleigh

Other Resources

North Carolina Comprehensive Annual Financial Reports

Publishing Entity: Office of the State Controller

Fund balance raises concern

MAY 21, 2019 | THE NEWS HERALD (NORTH CAROLINA) | by Sharon McBrayer

“… The LGC letter said the analysis revealed areas of concern, including that the town’s fund balance ‘is substantially less than comparable units and may be too low to provide the necessary resources you need.’ … Local governments, including a county, city or town, are required to maintain a healthy fund balance but if it drops to below 8 percent, the Local Government Commission can take over the running of that local government. A fund balance, which is a savings fund, ensures a local government has at least enough money to operate for a month.”