TIA Data

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

Vermont owes more than it owns.
Vermont has a -$20,100 Taxpayer Burden.™
Vermont 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.
Vermont only has $3.6 billion of assets available to pay bills totaling $8.3 billion.
Because Vermont doesn't have enough money to pay its bills, it has a $4.7 billion financial hole. To fill it, each Vermont taxpayer would have to send $20,100 to the state.
Vermont's reported net position is inflated by $500.8 million, largely because the state defers recognizing losses incurred when the net pension liability increases.
Despite a recently implemented accounting standard meant to increase transparency, Vermont still excludes $191.3 million of pension debt from its balance sheet. In addition, the state is still hiding $1.8 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 174 days after its fiscal year end, which is considered timely according to the 180 day standard.

Prior Years' TIA Data

2016 Financial State of Vermont

2015 Financial State of Vermont

2014 Financial State of Vermont

2013 Financial State of Vermont

Other Resources

Vermont Comprehensive Annual Financial Reports

Publishing Entity: Department of Finance & Management

Deadly defined benefits

AUGUST 14, 2018 | CALEDONIAN RECORD (VERMONT) | by Editorial

Last week VTDigger published a story that began, "the gap between what Vermont owes current and future retired state employees and teachers, and what assets it has to pay them, has ballooned in the last decade, threatening not only the future of the state’s retirement plans, but also the state’s credit rating and other markers of its financial standing."