(LFC Comments: Thanks to a Kirtland Lobbyist for this article.)
Ohio Gets A “D” For Its State Finances
A new analysis reveals that Ohio’s state financial condition has improved slightly.
A new report on the financial condition of the 50 states ranks Ohio no. 25 in the nation for its fiscal health. The report is based on the states’ 2018 comprehensive annual financial reports, the most recent data available.
Ohio and other states have become more transparent over the last few years, thanks to the Generally Accepted Accounting Principles set by the Governmental Accounting Standards Board, which now require governments to disclose pension and other post-employment (OPEB) benefits on their balance sheets. If these benefits have not been fully funded, they are considered liabilities, or debt, because they represent money owed to government employees in their retirement.
According to the watchdog’s tenth annual Financial State of the States report, Ohio has $77 billion in bills and only $50.4 billion in available assets to pay those bills after capital and restricted assets are excluded. This results in a $26.6 billion shortfall, or a $6,600 Taxpayer Burden™, which is each taxpayer’s share of the state debt after the state’s available assets have been tapped. TIA’s Taxpayer Burden indicator incorporates both assets and liabilities, including unfunded retirement obligations.
The bottom line is that Ohio does not have enough money to pay its bills, which is why it received a “D” grade for its fiscal health.
(LFC Comments: We hope the State of Ohio is not waiting for us to send our $6,600 Taxpayer Burden. Watch for them to somehow get taxpayers to fund the “unfunded retirement obligations” of State workers! Do you still think there are fiscal hawk Republicans?….think again…all bow at the altar of the lobbyists and big donors, and the average taxpayer is slowing squeezed out of their home!)