Pennsylvania

TIA Data

2017 Financial State of Pennsylvania (Released 9/25/2018)

 
Pennsylvania owes more than it owns.
Pennsylvania has a -$18,800 Taxpayer Burden.™
Pennsylvania 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.
Pennsylvania only has $38 billion of assets available to pay bills totaling $120.1 billion.
Because Pennsylvania doesn't have enough money to pay its bills, it has a $82.1 billion financial hole. To fill it, each Pennsylvania taxpayer would have to send $18,800 to the state.
Pennsylvania's reported net position is inflated by $3.5 billion, largely because the state defers recognizing losses incurred when the net pension liability increases.
Despite a recently implemented accounting standard meant to increase transparency, Pennsylvania still excludes $24.7 billion of pension debt from its balance sheet. In addition, the state is still hiding $24.4 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 166 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2016 Financial State of Pittsburgh

2016 Financial State of Philadelphia

2016 Financial State of Pennsylvania

2015 Financial State of Pennsylvania

2014 Financial State of Pennsylvania

2013 Financial State of Pennsylvania

Other Resources

Pennsylvania Comprehensive Annual Financial Reports

Publishing Entity: Pennsylvania Office of the Budget

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