Wyoming Third Best in Financial State of the States Report
Truth in Accounting (TIA), an economic think tank based in Chicago, released the 2013 Financial State of the States report, an in-depth study of each state’s financial condition for FY2013.
TIA researchers ranked Wyoming as the third best Sunshine State because of the state’s lack of a Taxpayer Burden.
In the study, TIA ranked each state according to a statistic called the Taxpayer Burden, or the amount each taxpayer would have to send to their state’s treasury to fill its current financial hole. After ranking the states, TIA identified the five states with the best fiscal health, Sunshine States, as well as the five with the worst, Sinkhole States. The Sunshine States include: Alaska, North Dakota,Wyoming, Utah, and South Dakota. The Sinkhole States include: Connecticut, Illinois, New Jersey, Massachusetts, and Hawaii.
The report shows that a large share of the Sinkhole States’ debt burden comes from unfunded pension liabilities often due to failure to pay minimum yearly contributions. In the Sunshine States, governments are able to fund operations and pensions without taking on additional debt.
In Wyoming, TIA researchers calculated $7 billion in state bills. Wyoming has $11 billion to pay these bills, leaving the state with $4 billion in reserves.
To view the Wyoming’s profile in the report, please click here.