Chicago, Sept. 22, 2020 (GLOBE NEWSWIRE) -- The 2020 Financial State of the States report surveys the fiscal health of the 50 states prior to the coronavirus pandemic. This data is released today by Truth in Accounting (TIA), a think tank that analyzes government financial reporting. TIA analysts draw their data from the fiscal year 2019 audited Comprehensive Annual Financial Reports, which is the latest available data.
The 2020 report found that 39 states did not have enough money to pay all of their bills. Most of the states were ill-prepared for any crisis, much less one as serious as what we are currently facing. Total debt among the 50 states amounted to $1.4 trillion at the end of the fiscal year 2019, which will only worsen as the states face varying and unpredictable effects from the global pandemic.
There is some good news as the report found that 11 states had at least some money set aside at the beginning of the pandemic. But even the healthiest of states are projected to lose billions of dollars in revenue as a result of the coronavirus pandemic. According to Truth in Accounting’s rough estimates, the 50 states are projected to lose a combined $397 billion in revenue. The uncertainty surrounding this crisis makes it impossible to determine how much will be needed to maintain government services and benefits, but these states’ overall debt will most likely increase.
This new data comes as the federal government is considering additional aid for the states. The Financial State of the States report shows the true fiscal health of the 50 states prior to the pandemic, which is the most recent available data.
“The bottom line is that the majority of states went into the pandemic in poor fiscal health and they will most likely come out of it even worse,” says Sheila Weinberg, founder and CEO of Truth in Accounting.
You can view this year’s full Financial State of the States report here. The full 50 state ranking is included below.
- Alaska | Taxpayer Surplus: $77,400
- North Dakota | Taxpayer Surplus: $37,700
- Wyoming | Taxpayer Surplus: $19,600
- Utah | Taxpayer Surplus: $5,500
- Tennessee | Taxpayer Surplus: $3,400
- South Dakota | Taxpayer Surplus: $3,300
- Nebraska | Taxpayer Surplus: $2,800
- Idaho | Taxpayer Surplus: $2,800
- Oregon | Taxpayer Surplus: $2,600
- Iowa | Taxpayer Surplus: $1,500
- Minnesota | Taxpayer Surplus: $100
- Oklahoma | Taxpayer Burden: -$700
- Virginia | Taxpayer Burden: -$800
- Indiana | Taxpayer Burden: -$1,300
- North Carolina | Taxpayer Burden: -$1,400
- Florida | Taxpayer Burden: -$1,600
- Arkansas | Taxpayer Burden: -$1,700
- Arizona | Taxpayer Burden: -$1,700
- Montana | Taxpayer Burden: -$2,000
- Colorado | Taxpayer Burden: -$2,600
- Nevada | Taxpayer Burden: -$2,600
- Georgia | Taxpayer Burden: -$2,900
- Wisconsin | Taxpayer Burden: -$3,100
- New Hampshire | Taxpayer Burden: -$3,900
- Missouri | Taxpayer Burden: -$4,300
- Ohio | Taxpayer Burden: -$5,800
- Washington | Taxpayer Burden: -$6,100
- Kansas | Taxpayer Burden: -$6,200
- West Virginia | Taxpayer Burden: -$6,300
- Maine | Taxpayer Burden: -$6,700
- New Mexico | Taxpayer Burden: -$7,500
- Alabama | Taxpayer Burden: -$7,600
- Mississippi | Taxpayer Burden: -$10,400
- Texas | Taxpayer Burden: -$11,300
- South Carolina | Taxpayer Burden: -$13,400
- Rhode Island | Taxpayer Burden: -$14,700
- Maryland | Taxpayer Burden: -$15,200
- Pennsylvania | Taxpayer Burden: -$16,400
- Michigan | Taxpayer Burden: -$17,000
- Louisiana | Taxpayer Burden: -$17,100
- New York | Taxpayer Burden: -$17,200
- Vermont | Taxpayer Burden: -$18,900
- California* | Taxpayer Burden: -$21,100
- Kentucky | Taxpayer Burden: -$24,700
- Delaware | Taxpayer Burden: -$24,900
- Massachusetts | Taxpayer Burden: -$30,100
- Hawaii | Taxpayer Burden: -$31,700
- Connecticut | Taxpayer Burden: -$50,700
- Illinois | Taxpayer Burden: -$52,000
- New Jersey | Taxpayer Burden: -$57,900
The Financial State of the States report is an in-depth study of the financial condition of the 50 states. The data for this report was derived from states’ 2019 comprehensive annual financial reports and retirement plans’ reports.
Founded in 2002, Truth in Accounting is dedicated to educating and empowering citizens with understandable, reliable, and transparent government financial information. Sheila Weinberg, founder and CEO, is a Certified Public Accountant with more than 40 years of experience in the field.
*As of August 31, 2020, California had not released its FY 2019 comprehensive annual financial report. As a result, we were forced to use FY 2018 data for the state of California.