South Carolina : State Data and Comparisons : Data-Z

South Carolina

TIA Data

2023 Financial State of South Carolina (Released 10/03/2024)

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South Carolina owes more than it owns.

South Carolina has a -$7,700 Taxpayer Burden.™

South Carolina 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.

South Carolina only has $32.5 billion of assets available to pay bills totaling $46.9 billion.

Because South Carolina doesn't have enough money to pay its bills, it has a -$14.4 billion financial hole. To fill it, each South Carolina taxpayer would have to send -$7,700 to the state.

South Carolina's reported net position is overstated by $940.7 million, largely because the state delays recognizing losses incurred when the net pension liability increases.

The state's financial report was released 173 days after its fiscal year end, which is considered timely according to the 180 day standard.

Prior Years' TIA Data

2022 Financial State of South Carolina

2021 Financial State of South Carolina

2020 Financial State of South Carolina

2019 Financial State of South Carolina

2018 Financial State of South Carolina

2017 Financial State of South Carolina

2016 Financial State of South Carolina

2015 Financial State of South Carolina

2014 Financial State of South Carolina

2013 Financial State of South Carolina