Nevada owes more than it owns. |
Nevada's Taxpayer Burden™ is -$2,600, and it received a "C" from TIA. |
Nevada 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. |
Nevada only has $8 billion of assets available to pay bills totaling $10.6 billion. |
Because Nevada doesn't have enough money to pay its bills, it has a $2.6 billion financial hole. To fill it, each Nevada taxpayer would have to send $2,600 to the state. |
Nevada's reported net position is overstated by $297.4 million, largely because the state delays recognizing losses incurred when the net pension liability increases. |
The state's financial report was released 325 days after its fiscal year end, which is considered untimely according to the 180 day standard. |