Truth in Accounting
Pennsylvania

TIA Data

2021 Financial State of Pennsylvania (Released 10/25/2022)

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

 
Pennsylvania owes more than it owns.
Pennsylvania's Taxpayer Burden™ is -$15,600, and it received a "D" from TIA.
Pennsylvania 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.
Pennsylvania only has $55 billion of assets available to pay bills totaling $124.4 billion.
Because Pennsylvania doesn't have enough money to pay its bills, it has a $69.3 billion financial hole. To fill it, each Pennsylvania taxpayer would have to send $15,600 to the state.
Pennsylvania's reported net position is understated by $3.2 billion, largely because the state delays recognizing gains resulting from decreases in retirement liabilities.
The state's financial report was released 163 days after its fiscal year end, which is considered timely according to the 180 day standard.
 

Prior Years' TIA Data

2020 Financial State of Pennsylvania

2019 Financial State of Pennsylvania

2018 Financial State of Pennsylvania

2017 Financial State of Pennsylvania

2016 Financial State of Pennsylvania

2015 Financial State of Pennsylvania

2014 Financial State of Pennsylvania

2013 Financial State of Pennsylvania

2012 Financial State of Pennsylvania

2011 Financial State of Pennsylvania

2010 Financial State of Pennsylvania

2009 Financial State of Pennsylvania

City and Other Municipal Reports

Financial State of Philadelphia

Financial State of Pittsburgh

Other Resources

Pennsylvania Annual Comprehensive Financial Reports

Publishing Entity: Pennsylvania Office of the Budget

IN THE NEWS
On the Brink of Financial Collapse: 10 Cities In Serious Danger of Bankruptcy

JUNE 6, 2023 | MSN | by Ben Rice

"Sobering Statistics 

The study, called Financial State of the Cities 2023, was done by Truth in Accounting. It has some difficult truths: 50 out of 75 cities could not pay their bills; the combined debt for all 75 cities is $267 billion. Moreover, elected officials didn’t include the cost of government in this figure, instead pushing it onto future taxpayers."

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