South Carolina

TIA Data

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

 
South Carolina owes more than it owns.
South Carolina has a -$18,100 Taxpayer Burden.™
South 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.
South Carolina only has $12.5 billion of assets available to pay bills totaling $38.7 billion.
Because South Carolina doesn't have enough money to pay its bills, it has a $26.2 billion financial hole. To fill it, each South Carolina taxpayer would have to send $18,100 to the state.
South Carolina's reported net position is inflated by $1.4 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, South Carolina still excludes $7.4 billion of pension debt from its balance sheet. In addition, the state is still hiding $13.8 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 140 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2016 Financial State of South Carolina

2015 Financial State of South Carolina

2014 Financial State of South Carolina

2013 Financial State of South Carolina

2012 Financial State of South Carolina

2011 Financial State of South Carolina

2010 Financial State of South Carolina

2009 Financial State of South Carolina

Other Resources

South Carolina Comprehensive Annual Financial Reports

Publishing Entity: South Carolina Comptroller General

IN THE NEWS
Why won’t S.C. leaders admit who really controls state government?

MARCH 21, 2019 | THE NERVE | by Ashley Landess

“… a chart depicting the chain of accountability in state government misrepresents who is really in control. The ‘Organizational Chart’ (Chart) contained in the Comprehensive Annual Financial Report (CAFR) adds to the larger picture emerging of disingenuous borrowing practices in South Carolina. … Taxpayers owe billions with interest, borrowed for projects and programs that rarely benefit most citizens. Even worse than the cost of state debt is how it’s guaranteed … That’s why South Carolinians should care about a one-page chart in an accounting document whose primary audiences are credit raters and bondholders.” 

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