Virginia

TIA Data

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

 
Virginia owes more than it owns.
Virginia has a -$1,900 Taxpayer Burden.™
Virginia 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.
Virginia only has $35.8 billion of assets available to pay bills totaling $41.2 billion.
Because Virginia doesn't have enough money to pay its bills, it has a $5.4 billion financial hole. To fill it, each Virginia taxpayer would have to send $1,900 to the state.
Virginia's reported net position is inflated by $1.5 billion, largely because the state defers recognizing losses incurred when the net pension liability increases.
The state is still hiding $936.9 million 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 168 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2016 Financial State of Virginia

2015 Financial State of Virginia

2014 Financial State of Virginia

2013 Financial State of Virginia

2012 Financial State of Virginia

2011 Financial State of Virginia

2010 Financial State of Virginia

2009 Financial State of Virginia

City and Other Municipal Reports

Financial State of Virginia Beach

Other Resources

Virginia Comprehensive Annual Financial Reports

Publishing Entity: Department of Accounts

IN THE NEWS
Examining Tax Freedom Day in Virginia

APRIL 16, 2019 | WVTF-FM – VIRGINIA’S PUBLIC RADIO

“… Bill Bergman at the non-profit group Truth in Accounting says Virginia is actually in pretty good shape compared to other states. ‘When you look across the 50 states, older states tend to be in worse shape, and Virginia is one of those states that is actually an old state but is also in relatively good shape,’ says Bergman.”

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