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Great Lakes Wire

Monday, November 18, 2019

Michigan receives ‘D’ grade on national ranking of states’ fiscal health

Taxes

By Michael Carroll | Oct 10, 2019

Budget
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Michigan would need $55 billion to pay all of its bills, including public employers’ pension benefits, according to a new ranking of the states’ fiscal health by Truth in Accounting (TIA).

Michigan ranked 38th among the 50 states on fiscal health, according to the analysis by TIA, which is a Chicago-based nonprofit that reports on fiscal data from state and local governments.

The amount of the state’s shortfall in funds to pay off its bills amounts to $17,000 per taxpayer, the study found.

The TIA gave the state a financial grade of “D.”

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2019 State Rankings on Fiscal Health

RankStateMoney Needed / Available to Pay Bills (in Billions)Per-Taxpayer Debt / SurplusFinancial Grade
1Alaska$19.7$74,200A
2North Dakota$8.5$30,700A
3Wyoming$4$20,800A
4Utah$4.9$5,300B
5Idaho$1.5$2,900B
6Tennessee$5.8$2,800B
7South Dakota$0.85$2,800B
8Nebraska$1.3$2,000B
9Oregon$2.2$1,600B
10Iowa$0.78$700B
11Minnesota-$0.45-$200C
12Virginia-$3.5-$1,200C
13Oklahoma-$1.3-$1,200C
14North Carolina-$4-$1,300C
15Indiana-$3.6-$1,700C
16Florida-$12.1-$1,800C
17Montana-$0.75-$2,100C
18Arkansas-$1.8-$2,300C
19Arizona-$5.2-$2,500C
20Nevada-$3.1-$3,100C
21Wisconsin-$6.7-$3,200C
22Georgia-$10.2-$3,500C
23Missouri-$8.3-$4,300C
24New Hampshire-$2.7-$5,000D
25Ohio-$26.6-$6,000D
26Kansas-$6.5-$7,000D
27Colorado-$14.5-$7,200D
28Washington-$20-$7,400D
29Maine-$3.5-$7,400D
30West Virginia-$4.3-$8,300D
31Mississippi-$7.4-$10,000D
32Alabama-$15.9-$12,000D
33Texas-$98.7-$12,100D
34New Mexico-$7.7-$13,300D
35Rhode Island-$5.4-$13,900D
36South Carolina-$21.8-$14,500D
37Maryland-$33.5-$15,500D
38Michigan-$55-$17,000D
39Pennsylvania-$75-$17,100D
40Louisiana-$22-$17,700D
41Vermont-$4.5-$19,000D
42New York-$136.6-$20,500F
43California-$275-$21,800F
44Kentucky-$33.4-$25,700F
45Delaware-$9.1-$27,100F
46Hawaii-$15.4-$31,200F
47Massachusetts-$82-$31,200F
48Connecticut-$67.8-$51,800F
49Illinois-$223.9-$52,600F
50New Jersey-$208.8-$65,100F
Source: Truth in Accounting

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