TIA Data

2016 Financial State of Washington (Released 6/15/2017)

2015 Financial State of Seattle (Released 1/11/2017)

Washington owes more than it owns and ranks the 32nd out of the 50 states.
Washington's Taxpayer Burden™ is -$10,200, and received a "D" 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 $38.1 billion of assets available to pay bills totaling $64 billion.
Because Washington doesn't have enough money to pay its bills, it has a $25.9 billion financial hole. To fill it, each Washington taxpayer would have to send $10,200 to the state.
Because of an accounting rule implemented last year, Washington has to report its pension debt on its balance sheet. This year, the state's reported pension debt grew from $2.4 billion in 2015 to $3.1 billion in 2016. However, the actual debt is closer to $11.7 billion. The majority of the debt is excluded because the financial report was prepared using outdated pension valuations.
The state is also hiding $7.6 billion of retiree health care liabilities. A new accounting standard will be implemented in two years, and will require states to report this debt on the balance sheet.
The state's financial report was released 124 days after its fiscal year end, which is considered timely according to the 180 day standard.

Prior Years' TIA Data

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

Interfering with a sweet racket?

OCTOBER 10, 2017 | COMMONSENSE | by Paul Jacob

One way for governments and enterprises to save money is to contract out some or all of their services. Towns, cities, counties, states — even the federal government — engage in such practices all the time.