New Mexico owes more than it owns. |
New Mexico's Taxpayer Burden™ is -$6,700, and it received a "D" from TIA. |
New Mexico 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 Mexico only has $13.1 billion of assets available to pay bills totaling $17.1 billion. |
Because New Mexico doesn't have enough money to pay its bills, it has a $4 billion financial hole. To fill it, each New Mexico taxpayer would have to send $6,700 to the state. |
New Mexico's reported net position is overstated by $3.4 billion, largely because the state delays recognizing losses incurred when the net pension liability increases. |
The state's financial report was released 289 days after its fiscal year end, which is considered untimely according to the 180 day standard. |