2015 Data (Released 06/23/2016)
New Jersey owes more than it owns |
At -$59,400, New Jersey's “Taxpayer's Burden” ranks 50th out of the 50 states |
New Jersey is among 40 “Sinkhole States” 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 assets available have been tapped |
TIA's Taxpayer Burden measurement incorporates both assets and liabilities, not just pension debt |
New Jersey has only $24.6 billion of assets available to pay bills totaling $207.6 billion |
To fill the $183 billion financial hole each New Jersey taxpayer would have to send $59,400 to the state |
Because of a new accounting rule, New Jersey now has to report its pension debt on its balance sheet. As a result, the state's reported pension debt grew from $16 billion in 2014 to $82.4 billion in 2015. However, the state is still hiding $13 billion of pension debt from taxpayers. |
The state's financial report was released 254 days after its fiscal year end, which is considered untimely according to the 180 day goal |
Prior Years' TIA Data
2014 Financial State of New Jersey
2013 Financial State of New Jersey
Other Resources
New Jersey Comprehensive Annual Financial Reports
Publishing Entity: Department of the Treasury: Office of Management and Budget