California : State Data and Comparisons : Data-Z

California

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California owes more than it owns.

California has a -$21,800 Taxpayer Burden.™

California 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.

California only has $246.8 billion of assets available to pay bills totaling $540.9 billion.

Because California doesn't have enough money to pay its bills, it has a -$294.1 billion financial hole. To fill it, each California taxpayer would have to send -$21,800 to the state.

California's reported net position is overstated by $11.5 billion, largely because the state delays recognizing losses incurred when the net pension liability increases.

As of Aug 25, 2025, 421 days after the end of its June 30, 2024 fiscal year, the state had still not released its financial report for that year. This significant delay raises serious concerns about transparency and accountability in the state's financial reporting.