Washington owes more than it owns. |
Washington's Taxpayer Burden™ is -$1,000, and it received a "C" from TIA. |
Washington 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. |
Washington only has $53.3 billion of assets available to pay bills totaling $56 billion. |
Because Washington doesn't have enough money to pay its bills, it has a $2.8 billion financial hole. To fill it, each Washington taxpayer would have to send $1,000 to the state. |
Washington's reported net position is understated by $614.7 million, largely because the state delays recognizing gains resulting from decreases in retirement liabilities. |
The state's financial report was released 174 days after its fiscal year end, which is considered timely according to the 180 day standard. |