|
The tool provides debt and spending insights for the 100 largest
municipalities, counties and school districts in the country and
all 50 states for fiscal years 2020, 2021, and 2022.
The Reason Foundation showed that Illinois had $247 billion in
debt as of fiscal 2022. Illinois was second in the country in
total liabilities in 2022, trailing only California. The states
with the least total liabilities are South Dakota, Idaho,
Nebraska, Montana and New Hampshire.
“What’s really troubling with Illinois is that there is more
than three times as much debt as there is assets at the state
level,” said research director Geoffrey Lawrence.
When looking at state public pension debt, Illinois has nearly
double the pension liabilities of any other state. At the end of
fiscal 2022, Illinois had $139.8 billion in public pension
liabilities, New Jersey had $75.1 billion. Illinois is one of
ten states that account for nearly 85% of the total
employee-related debt among all 50 states.
At the end of 2022, Illinois had $10,915 in pension liabilities
per capita, followed by Connecticut at $10k per capita.
From fiscal 2020 through 2022, 47 states saw increases in
revenues. Alaska, Michigan and Wyoming were the only three
states that did not increase revenues. During the same time
period, total assets, such as growth in cash, investments,
receivables, land, buildings and infrastructure, increased for
all 50 states.
On the local level, Reason Foundation found that New York City
had over $300 billion in total liabilities at the end of 2022,
more than four times Chicago’s $74 billion in liabilities and
nearly six times Los Angeles’ $51.3 billion. |
|
