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

2016 Financial State of Virginia Beach

2015 Financial State of Virginia

2014 Financial State of Virginia

2013 Financial State of Virginia

Other Resources

Virginia Comprehensive Annual Financial Reports

Publishing Entity: Department of Accounts

Virginia ill-prepared to weather a recession

OCTOBER 26, 2018 | BEARINGDRIFT (VIRGINIA) | by James Bacon

I’m not sure how Virginia’s Secretary of Finance, Aubrey Layne, sleeps at night. He is by nature a fiscal conservative, and he was in frequent touch with the rating agencies that threatened earlier this year to downgrade Virginia’s prized AAA bond rating.