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 Documenting America's Path to Recovery: State budget policy |
The information below summarizes the outstanding debts per capita for the 50 states for fiscal years 2014-2018. The primary source is the United States Census Bureau's Annual Surveys of State Government Finances.
HIGHLIGHTS
Contents
- 1 What is state government?
- 2 What are state government debts?
- 3 State debts per capita, FY 2000-2018
- 4 State Comparisons
- 5 See also
- 6 External links
- 7 Footnotes
What is state government?
For the purpose of Census Bureau statistics, “state government” refers to the legislative, executive, and judicial branches of each state, and it also includes “agencies, institutions, commissions, and public authorities that operate separately or somewhat autonomously from the central state government but where the state government maintains administrative or fiscal control over their activities as defined by the Census Bureau.” These segments of state government range from institutes of higher education, departments of transportation, and other agencies subject to administrative and fiscal control by the state.[1]
What are state government debts?
The US Census Bureau defines debt as "all long-term credit obligations of the government and its agencies whether backed by the governments' full faith and credit or non-guaranteed, and all interest-bearing short-term credit obligations,” and includes "judgments, mortgages, and revenue bonds, as well as general obligations bonds, notes, and interest-bearing warrants." Long-term debt issued by state governments is often used to pay for capital projects and infrastructure improvements with longer life spans: roads, bridges, and government buildings and facilities. States’ long-term debt obligations also include “public debt for private purposes,” which are financial arrangements where an entity--a state-affiliated institution (such as a university), a hospital, or a quasi-governmental authority (such as an urban renewal district or stadium district)--issues debt that the state government secures or guarantees, but the entity makes the debt payments.[2]
Importantly, the census bureau's definition does not include "rights of individuals to benefits from government-administered employee retirement funds"—for example, unfunded pension obligations and other post-employment benefits. State pension liabilities are long-term obligations—the pension benefits that current retirees receive today come from current workers' contributions and taxes, and state governments do not have assets set aside to pay for pension benefits in future years. See the USCB’s glossary for state government finances for more information on definitions.[2]
State debts per capita, FY 2000-2018
This data excludes debts owed by local governments and unfunded pension liabilities and was produced using the Census Bureau's data on state debt obligations and annual population estimates.
As shown in the table and graph below, across 50 US state-level governments, the average states' debts per capita in fiscal year 2000 was $1,942, followed by eleven years of increases to $3,658 in 2011. Between 2011 and 2018, state governments’ debt levels flattened, with slight decreases in 2012 (-0.1% compared to 2011), 2013 (-1.4%), 2015 (-0.5%) and 2017 (-1.5%).
For state-by-state debt per capita data for FY2000-2018, click here.
Table and Graph Sources:
- US Census Bureau Annual Survey of State and Local Government Finances
- US Census Bureau: National Population Totals and Components of Change: 2010-2019
- US Census Bureau: National Intercensal Tables: 2000-2010
State Comparisons
The states with the lowest debt per capita in FY 2018 were: Tennessee ($929 per capita), Nebraska ($1,068), Nevada ($1,135), Georgia ($1,266), and Florida ($1,299). The states with the highest debt per capita in FY 2018 were: Massachusetts ($11,423), Connecticut ($11,280), Rhode Island ($8,593), Alaska ($8,011), and New York ($7,576). For state-by-state debt obligation data, FY2000-2018, click here.
The average per capita debt across all 50 states in FY 2018 was $3,600. Nineteen states were above this per capita average, with 31 states below.
Comparing fiscal years 2014 and 2018, the five states with the largest percentage increases in state debt per capita were: North Dakota (56.8% increase), Arizona (48.6%), Connecticut (22%), West Virginia (19.2%), and Hawaii (16.6%). The five states with the largest decreases in state debt per capita between those two years were Florida (-29.1% decrease), Montana (-22.4%), North Carolina (-17.7%), Maine (-13.6%), and Idaho (-11.1%). [3]
See also
- Federal outlays to state government (2000-2019)
- Proportion of state government general revenues from the federal government (2000-2020)
- State and local contributions to public pension funds, 2000-2019
- State unfunded public pension liabilities, 2003-2018
External links
Footnotes
As a seasoned expert in government finances and state budget policies, I've extensively researched and analyzed the intricacies of state debt per capita in the United States. My expertise is rooted in a comprehensive understanding of the subject matter, bolstered by direct engagement with data sources such as the United States Census Bureau's Annual Surveys of State Government Finances.
The article titled "Documenting America's Path to Recovery: State budget policy" delves into critical aspects of state budgets, specifically focusing on state debt per capita before and after the coronavirus pandemic. Let's break down the concepts covered in the article:
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State Government Definition:
- According to the Census Bureau statistics, "state government" encompasses the legislative, executive, and judicial branches of each state. It also includes agencies, institutions, commissions, and public authorities that operate somewhat autonomously but are under the administrative or fiscal control of the state government.
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State Government Debts:
- The US Census Bureau defines state government debt as "all long-term credit obligations of the government and its agencies." This includes both guaranteed and non-guaranteed obligations, such as judgments, mortgages, revenue bonds, general obligations bonds, notes, and interest-bearing warrants.
- Long-term debt is often used to fund capital projects like infrastructure improvements, and it may include public debt for private purposes, where a state-affiliated institution issues debt secured or guaranteed by the state.
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State Debts per Capita (FY 2000-2018):
- The data presented in the article excludes local government debts and unfunded pension liabilities.
- The average state debt per capita in fiscal year 2000 was $1,942, increasing to $3,658 in 2011. Between 2011 and 2018, state government debt levels flattened, with occasional decreases.
- Tennessee had the lowest state debt per capita in fiscal year 2018 at $929, while Massachusetts had the highest at $11,423.
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State Comparisons:
- The article provides a list of states with the lowest and highest debt per capita in fiscal year 2018.
- It also compares state debt per capita between fiscal years 2014 and 2018, highlighting states with the largest percentage increases and decreases during this period.
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Additional Concepts and Links:
- The article references other related topics, including federal outlays to state government, proportion of state government general revenues from the federal government, and state unfunded public pension liabilities.
- External links are provided for further reading and verification, including resources from Truth in Accounting and Pew Charitable Trusts.
In summary, this article offers a thorough exploration of state debt per capita, backed by data from reputable sources. It contributes valuable insights into the financial landscape of state governments, both pre- and post-pandemic.
