Washington

TIA Data

2017 Financial State of Washington (Released 5/15/2018)

 
Washington owes more than it owns.
Washington has a -$9,100 Taxpayer Burden.™
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 $40 billion of assets available to pay bills totaling $64.1 billion.
Because Washington doesn't have enough money to pay its bills, it has a $24.1 billion financial hole. To fill it, each Washington taxpayer would have to send $9,100 to the state.
Washington has delayed the recognition of changes in its pension liability. As a result of this and other deferrals, the state's overall net position is inflated by $1.3 billion.
The reported pension liability is understated by $4.6 billion because outdated valuations were used in preparation of the report. Furthermore, the state is still hiding $7.3 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 125 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2016 Financial State of Washington

2016 Financial State of Seattle

2015 Financial State of Washington

2014 Financial State of Washington

2013 Financial State of Washington

Other Resources

Washington Comprehensive Annual Financial Reports

Publishing Entity: Office of Financial Management

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