Maine owes more than it owns. |
Maine's Taxpayer Burden™ is -$3,200, and it received a "C" from TIA. |
Maine 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. |
Maine only has $10.3 billion of assets available to pay bills totaling $11.9 billion. |
Because Maine doesn't have enough money to pay its bills, it has a $1.6 billion financial hole. To fill it, each Maine taxpayer would have to send $3,200 to the state. |
Maine's reported net position is overstated by $979.1 million, largely because the state delays recognizing losses incurred when the net pension liability increases. |
The state's financial report was released 163 days after its fiscal year end, which is considered timely according to the 180 day standard. |