Michigan
Michigan owes more than it owns. |
Michigan has a -$4,100 Taxpayer Burden.™ |
Michigan 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. |
Michigan only has $44.2 billion of assets available to pay bills totaling $58.3 billion. |
Because Michigan doesn't have enough money to pay its bills, it has a -$14.1 billion financial hole. To fill it, each Michigan taxpayer would have to send -$4,100 to the state. |
Michigan's reported net position is understated by $1.8 billion, largely because the state delays recognizing gains resulting from decreases in retirement liabilities. |
The state's financial report was released 207 days after its fiscal year end, which is considered untimely according to the 180 day standard. |
Prior Years' TIA Reports
2023 Financial State of Michigan
2022 Financial State of Michigan
2021 Financial State of Michigan
2020 Financial State of Michigan
2019 Financial State of Michigan
2018 Financial State of Michigan
2017 Financial State of Michigan
2016 Financial State of Michigan
2015 Financial State of Michigan
2014 Financial State of Michigan
2013 Financial State of Michigan
2012 Financial State of Michigan
2011 Financial State of Michigan
City and Municipal Reports
Historical Michigan Municipal Reports
Other Resources
Michigan Annual Comprehensive Financial Reports
Publishing Entity: State Budget Office