Truth in Accounting

New Jersey

TIA Data

2023 Financial State of New Jersey (Released 10/03/2024)

Use Create Your Own State Chart to see additional financial, demographic and economic data for this and other states

 
New Jersey owes more than it owns.
New Jersey has a -$42,500 Taxpayer Burden.™
New Jersey 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.
New Jersey only has $57.2 billion of assets available to pay bills totaling $214 billion.
Because New Jersey doesn't have enough money to pay its bills, it has a -$156.7 billion financial hole. To fill it, each New Jersey taxpayer would have to send -$42,500 to the state.
New Jersey's reported net position is understated by $35.7 billion, largely because the state delays recognizing gains resulting from decreases in retirement liabilities.
The state's financial report was released 271 days after its fiscal year end, which is considered untimely according to the 180 day standard.
 

Prior Years' TIA Data

2022 Financial State of New Jersey

2021 Financial State of New Jersey

2020 Financial State of New Jersey

2019 Financial State of New Jersey

2018 Financial State of New Jersey

2017 Financial State of New Jersey

2016 Financial State of New Jersey

2015 Financial State of New Jersey

2014 Financial State of New Jersey

2013 Financial State of New Jersey

2012 Financial State of New Jersey

2011 Financial State of New Jersey

2010 Financial State of New Jersey

2009 Financial State of New Jersey

Other Resources

New Jersey Annual Comprehensive Financial Reports

Publishing Entity: Department of the Treasury: Office of Management and Budget

IN THE NEWS
Montclair School Officials Probe How Millions in Unpaid Bills Piled Up

APRIL 28, 2025 | MONTCLAIR LOCAL | by Matt Kadosh

Fleischer addressed a statement from the public finance watchdog group Truth in Accounting, which cited the Montclair schools’ audit report advising of a $23.9 million “unrestricted” deficit for the year ending June 30, 2024 as a concern.

“They have pushed these costs into the future,” Sheila Weinberg, founder and CEO of the national public finance watchdog group, told Montclair Local. “You can think of it as your credit. This is how much they put on the taxpayers’ credit card that they’ll have to pay off in the future.”

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