Construction Reporter
  • Home
  • Services
    • Planroom
    • Printing
    • Project Upload
    • Architects & Owners
    • General Contractors
    • Subcontractors
  • Free Trial
  • Become a Member
  • Magazine
  • News
  • Contact Us
  • About
    • About
    • FAQs
    • Privacy Policy
  • Employment Opportunity

pension and retirement benefits burdening state budgets, says report

10/16/2018

0 Comments

 
Picture
Some forty states have received a financial health grade of C or less due to the growing cost of state employee pensions and retirement healthcare expenses, notes a new report from a Chicago-based think tank.

And those expenses, according to the non-profit Truth in Accounting in its Financial State of the States report, is making it increasingly difficult for states to meet all of their other financial obligations.

Only ten states, according to the report, received a financial health grade of B or above, the vast majority of which were located in the West: Alaska, Idaho, Iowa, Nebraska, North Dakota, Oregon, South Dakota, Tennessee, Utah, and Wyoming.

The states with the greatest debt burdens, defined as “Sinkhole States,” were all located in the East or Midwest: Connecticut, Illinois, Kentucky, Massachusetts, and New Jersey.

Altogether, the total debt load of all the states topped the $1.5 trillion mark as of the end of fiscal year 2017.

The report gave Arizona an overall financial grade of C, noting that it was taking steps to tackle its debt load, but still had $8.8 billion in unpaid bills.

Colorado received a D for having in excess of $19.3 billion in debts, while New Mexico received the same grade for having $5.1 billion in what the report calls “unfunded retirement obligations that have accumulated over many years.”

The Truth in Accounting group has recommended that states should adopt a method of accounting called Full Accrual Calculations and Techniques, which it says will provide a more realistic basis for budgeting, putting on the books debts as they are incurred.

By Garry Boulard

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Get stories like these right to your inbox.
    ​Sign up for our newsletter

    Subscribe

    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017

    Categories

    All

AFFILIATES

Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
HOME
PLANS & PRICING
FREE TRIAL
MAGAZINE​
BECOME A MEMBER
PRINTING SERVICES
FAQS
CONTACT
​ABOUT

TIMELY, RELIABLE NEWS SINCE 1949 ​Construction Reporter
​
4901 Mcleod Rd NE STE 200A
Albuquerque NM 87109


​Phone: (505)-243-9793
Toll Free: (877)-292-5793
​Fax: (505)-242-4758

Copyright © 2022 Construction Reporter
User Agreement   Privacy Policy   Archive Policy
  • Home
  • Services
    • Planroom
    • Printing
    • Project Upload
    • Architects & Owners
    • General Contractors
    • Subcontractors
  • Free Trial
  • Become a Member
  • Magazine
  • News
  • Contact Us
  • About
    • About
    • FAQs
    • Privacy Policy
  • Employment Opportunity