Total Debt, Pension Debt and Other Liabilities for Every State

A detailed debt summary for every state government from 2020 to 2022.

Visualizations of financial data that was published by all 50 states in their Annual Comprehensive Financial Reports for fiscal years 2020, 2021, and 2022.

Key Takeaways

  • From FY 2020 through 2022, 47 states saw increases in revenues. Alaska, Michigan, and Wyoming were the 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.
  • The increase in assets helped 49 states, with the exception of North Dakota, reduce its state debt ratio, defined as the proportion of total liabilities to total assets from FY 2020 to FY 2022. Data suggest state debt ratios are correlated with partisan leaning, median household income, and urbanicity. The strongest correlation to debt ratio is observed with the Democratic partisan leaning of the state.
  • From 2020 to 2022, 42 states improved their free cash flows, which is calculated by subtracting expenses and current liabilities from revenues. A positive free cash flow indicates the state has the capacity to improve its net financial position and maintain fiscal health without relying on debt rollovers.
  • At the end of the 2022 fiscal year, the 50 states held an aggregate of $1.03 trillion in employee-related debt, including $502 billion in net public pension liabilities and $524 billion in net other post-employment benefit liabilities, such as promised medical benefits for retirees.
  • As of 2022, the states with the most total liabilities are California, Illinois, New York, New Jersey, and Texas. The states with the least total liabilities are South Dakota, Idaho, Nebraska, Montana, and New Hampshire.
  • On a per capita basis, Connecticut, New Jersey, Hawaii, Illinois, and Wyoming, had the most total liabilities at the end of 2022. Tennessee, Utah, Oklahoma, Nebraska, and Idaho, had the lowest liabilities on a per capita basis.
  • Ten states—Illinois, New Jersey, California, Texas, New York, Connecticut, Massachusetts, Pennsylvania, Kentucky, and Maryland—account for 84.7% of the total employee-related debt among all U.S. states.

Overview of Every State’s Debt

Variable:
Total Liabilities
State:
Alabama
AR CA IL KS MS OH TX AL IA LA MN MO NE AZ CO IN MI MT NY OR VA WY NC OK TN WI AK VT ND GA ME RI WV ID SD NM WA PA FL UT KY NH SC NV HI NJ CT MD MA DE≥ 16.0%5.0% - 16.0%−0.8% - 5.0%−6.0% - −0.8%< −6.0%
Alabama - Total Liabilities
Growth in total/
per capita values:
15.37%
2022 2020
Total Value $15.783B $13.680B
Per Capita: $3,141 $2,723

Distribution of Total Liabilities (Per Capita)

$2k$27.0k05102 6 11 7 3 2 2 3 1 0 0 5 0 0 0 0 3 1 2 0 0 0 0 1 0 0 1
Alabama
Weighted Avg.
202020212022$0.00$2.00k$4.00k$6.00k$8.00k $2.7k $3.0k $3.1k $7.7k $8.5k $8.1k

Changes in State Debt from 2020 to 2022

Change in each state’s per capita liabilities, debt ratios and other figures reported in 2020 compared to those released in 2022.

Total Liabilities
$0$5,000$10,000$15,000$20,000$25,000500k10M20M30M40M

States 2022: Partisan Leaning, Urbanicity, and Income

Per capita figures reported by states, segmented by partisan lean, urbanicity, and household income. A state’s leaning was determined as the outcome of the state in the 2022 midterm elections. Urbanicity is determined by Census 2020 urban population within the state. Household income is sourced from the American Community Survey by the U.S. Census Bureau. Circle size is reflective of total state population.

  • Total Liabilities
$0$5,000$10,000$15,000$20,000$25,000Democrat LeanRepublican Lean

Complete State Financial Data

Data, including revenues, expenses, liabilities, debt ratios, and more for all 50 states in 2020, 2021, and 2022.

Page 1 of 3
Year State Name Population Urban Population % Urban Population Median Household Income 2021 Current Liabilities Current Liabilities Per Capita Debt Ratio Net OPEB Liability Net OPEB Liability Per Capita Net Pension Liability Net Pension Liability Per Capita Expenses Expenses Per Capita Total Liabilities Total Liabilities Per Capita Free Cash Flow Free Cash Flow Per Capita Revenues Revenues Per Capita Total Assets Total Assets Per Capita Source ACFR
2022 Alabama 5,024,356 2,900,880 57.7% $53,990 $4,026,823,000 $801 33.9% $847,193,000 $169 $3,563,587,000 $709 $31,015,310,000 $6,173 $15,782,655,000 $3,141 $−784,115,000 $−156 $34,258,018,000 $6,818 $46,509,637,000 $9,257 Download
2021 Alabama 5,024,356 2,900,880 57.7% $53,990 $3,279,338,000 $653 35.5% $987,056,000 $196 $3,976,285,000 $791 $30,075,201,000 $5,986 $15,007,563,000 $2,987 $221,431,000 $44 $33,575,970,000 $6,683 $42,222,752,000 $8,404 Download
2020 Alabama 5,024,356 2,900,880 57.7% $53,990 $2,722,165,000 $542 36.6% $1,698,962,000 $338 $3,664,524,000 $729 $28,857,713,000 $5,744 $13,679,635,000 $2,723 $−1,471,177,000 $−293 $30,108,701,000 $5,993 $37,412,554,000 $7,446 Download
2022 Alaska 733,378 475,967 64.9% $78,437 $7,970,975,000 $10,869 12.4% $−1,978,984,000 $−2,698 $2,334,810,000 $3,184 $9,850,996,000 $13,432 $12,992,621,000 $17,716 $−9,904,469,000 $−13,505 $7,917,502,000 $10,796 $104,675,321,000 $142,730 Download
2021 Alaska 733,378 475,967 64.9% $78,437 $8,741,798,000 $11,920 15.5% $−545,176,000 $−743 $5,069,963,000 $6,913 $12,317,135,000 $16,795 $16,726,973,000 $22,808 $7,408,506,000 $10,102 $28,467,439,000 $38,817 $107,832,869,000 $147,036 Download
2020 Alaska 733,378 475,967 64.9% $78,437 $5,911,223,000 $8,060 15.9% $−12,349,000 $−17 $4,657,026,000 $6,350 $10,237,800,000 $13,960 $14,129,014,000 $19,266 $−7,044,504,000 $−9,606 $9,104,519,000 $12,414 $89,104,922,000 $121,499 Download
2022 Arizona 7,151,507 6,385,230 89.3% $68,967 $7,179,513,000 $1,004 34.5% $1,034,461,000 $145 $4,005,498,000 $560 $54,175,737,000 $7,575 $24,785,156,000 $3,466 $1,365,472,000 $191 $62,720,722,000 $8,770 $71,928,237,000 $10,058 Download
2021 Arizona 7,151,507 6,385,230 89.3% $68,967 $6,938,052,000 $970 43.7% $1,548,477,000 $217 $6,262,883,000 $876 $56,310,879,000 $7,874 $27,669,843,000 $3,869 $−254,352,000 $−36 $62,994,579,000 $8,809 $63,302,682,000 $8,852 Download
2020 Arizona 7,151,507 6,385,230 89.3% $68,967 $6,148,699,000 $860 44.2% $1,245,256,000 $174 $5,470,494,000 $765 $47,285,392,000 $6,612 $24,362,565,000 $3,407 $−5,235,731,000 $−732 $48,198,360,000 $6,740 $55,087,793,000 $7,703 Download
2022 Arkansas 3,011,555 1,670,677 55.5% $52,577 $2,815,654,000 $935 29.8% $1,556,019,000 $517 $809,251,000 $269 $25,897,732,000 $8,599 $10,589,316,000 $3,516 $837,744,000 $278 $29,551,130,000 $9,813 $35,503,018,000 $11,789 Download
2021 Arkansas 3,011,555 1,670,677 55.5% $52,577 $1,784,111,000 $592 41.9% $2,944,665,000 $978 $2,485,079,000 $825 $27,137,766,000 $9,011 $13,893,664,000 $4,613 $183,090,000 $61 $29,104,967,000 $9,664 $33,196,845,000 $11,023 Download
2020 Arkansas 3,011,555 1,670,677 55.5% $52,577 $2,375,534,000 $789 43.3% $2,914,449,000 $968 $2,300,436,000 $764 $24,808,284,000 $8,238 $13,143,393,000 $4,364 $−1,345,489,000 $−447 $25,838,329,000 $8,580 $30,382,630,000 $10,089 Download
2022 California 39,538,245 37,259,490 94.2% $84,831 $225,501,569,000 $5,703 106.5% $94,283,183,000 $2,385 $54,169,128,000 $1,370 $455,306,389,000 $11,516 $498,154,488,000 $12,599 $−203,395,493,000 $−5,144 $477,412,465,000 $12,075 $467,861,788,000 $11,833 Download
2021 California 39,538,245 37,259,490 94.2% $84,831 $151,339,228,000 $3,828 114.6% $93,951,696,000 $2,376 $94,255,760,000 $2,384 $569,018,193,000 $14,392 $480,810,792,000 $12,161 $−146,384,640,000 $−3,702 $573,972,781,000 $14,517 $419,461,604,000 $10,609 Download
2020 California 39,538,245 37,259,490 94.2% $84,831 $103,649,199,000 $2,621 119.8% $90,486,960,000 $2,289 $92,089,623,000 $2,329 $386,953,774,000 $9,787 $408,305,319,000 $10,327 $−103,986,978,000 $−2,630 $386,615,995,000 $9,778 $340,835,100,000 $8,620 Download
2022 Colorado 5,773,733 4,966,936 86.0% $82,228 $14,785,219,000 $2,561 60.6% $1,567,351,000 $271 $8,410,864,000 $1,457 $45,060,065,000 $7,804 $37,103,515,000 $6,426 $−12,765,491,000 $−2,211 $47,079,793,000 $8,154 $61,214,825,000 $10,602 Download
2021 Colorado 5,773,733 4,966,936 86.0% $82,228 $11,422,957,000 $1,978 62.3% $1,260,020,000 $218 $9,244,732,000 $1,601 $46,255,427,000 $8,011 $35,468,430,000 $6,143 $−6,630,249,000 $−1,148 $51,048,135,000 $8,841 $56,898,947,000 $9,855 Download
2020 Colorado 5,773,733 4,966,936 86.0% $82,228 $6,879,722,000 $1,192 62.7% $1,085,487,000 $188 $11,375,438,000 $1,970 $39,237,837,000 $6,796 $28,766,869,000 $4,982 $−4,942,305,000 $−856 $41,175,254,000 $7,131 $45,911,546,000 $7,952 Download
2022 Connecticut 3,605,942 3,110,153 86.3% $83,628 $7,972,469,000 $2,211 202.6% $20,916,477,000 $5,801 $36,132,877,000 $10,020 $40,578,862,000 $11,253 $97,471,207,000 $27,031 $−4,193,367,000 $−1,163 $44,357,964,000 $12,301 $48,109,469,000 $13,342 Download
2021 Connecticut 3,605,942 3,110,153 86.3% $83,628 $5,205,641,000 $1,444 244.4% $26,040,226,000 $7,221 $42,551,460,000 $11,800 $47,016,379,000 $13,039 $106,761,347,000 $29,607 $−6,850,114,000 $−1,900 $45,371,906,000 $12,583 $43,684,541,000 $12,115 Download
2020 Connecticut 3,605,942 3,110,153 86.3% $83,628 $3,388,016,000 $940 258.2% $23,023,169,000 $6,385 $39,840,819,000 $11,049 $37,155,281,000 $10,304 $97,821,884,000 $27,128 $−4,825,638,000 $−1,338 $35,717,659,000 $9,905 $37,879,536,000 $10,505 Download
2022 Delaware 989,957 817,817 82.6% $71,636 $2,150,773,500 $2,173 91.7% $9,319,243,000 $9,414 $−823,054,000 $−831 $11,455,407,000 $11,572 $17,470,769,000 $17,648 $−321,308,500 $−325 $13,284,872,000 $13,420 $19,049,452,000 $19,243 Download
2021 Delaware 989,957 817,817 82.6% $71,636 $2,491,186,000 $2,516 116.7% $9,564,690,000 $9,662 $1,717,955,000 $1,735 $13,303,770,000 $13,439 $19,185,075,000 $19,380 $−2,237,768,000 $−2,260 $13,557,188,000 $13,695 $16,440,516,000 $16,607 Download
2020 Delaware 989,957 817,817 82.6% $71,636 $1,987,209,000 $2,007 109.2% $7,347,246,000 $7,422 $1,830,072,000 $1,849 $10,343,377,000 $10,448 $15,909,284,000 $16,071 $−1,834,211,000 $−1,853 $10,496,375,000 $10,603 $14,570,384,000 $14,718 Download
2022 Florida 21,538,226 19,714,806 91.5% $63,054 $11,499,144,000 $534 30.3% $7,283,350,000 $338 $3,506,978,000 $163 $107,066,144,000 $4,971 $61,828,638,000 $2,871 $14,347,742,000 $666 $132,913,030,000 $6,171 $204,321,276,000 $9,486 Download
2021 Florida 21,538,226 19,714,806 91.5% $63,054 $16,014,011,000 $744 41.7% $7,142,549,000 $332 $10,243,863,000 $476 $128,032,435,000 $5,944 $76,561,985,000 $3,555 $−7,083,146,000 $−329 $136,963,300,000 $6,359 $183,625,218,000 $8,526 Download
2020 Florida 21,538,226 19,714,806 91.5% $63,054 $9,369,672,000 $435 42.9% $9,146,494,000 $425 $8,789,980,000 $408 $104,272,398,000 $4,841 $72,860,317,000 $3,383 $−7,802,526,000 $−362 $105,839,544,000 $4,914 $169,933,513,000 $7,890 Download
2022 Georgia 10,711,937 7,933,986 74.1% $66,507 $15,133,639,000 $1,413 46.4% $4,732,067,000 $442 $3,444,652,000 $322 $65,650,334,000 $6,129 $40,723,358,000 $3,802 $−2,902,615,000 $−271 $77,881,358,000 $7,271 $87,837,882,000 $8,200 Download
2021 Georgia 10,711,937 7,933,986 74.1% $66,507 $13,756,082,000 $1,284 60.3% $6,115,969,000 $571 $8,366,002,000 $781 $73,263,471,000 $6,839 $44,216,533,000 $4,128 $−8,308,950,000 $−776 $78,710,603,000 $7,348 $73,304,004,000 $6,843 Download
2020 Georgia 10,711,937 7,933,986 74.1% $66,507 $14,141,466,000 $1,320 63.7% $5,370,461,000 $501 $7,781,239,000 $726 $65,496,453,000 $6,114 $42,898,593,000 $4,005 $−13,650,955,000 $−1,274 $65,986,964,000 $6,160 $67,357,098,000 $6,288 Download
2022 Hawaii 1,455,273 1,252,450 86.1% $85,547 $2,752,439,000 $1,891 100.6% $5,415,988,000 $3,722 $6,323,283,000 $4,345 $16,304,638,000 $11,204 $28,246,474,000 $19,410 $−366,066,000 $−252 $18,691,011,000 $12,844 $28,081,002,000 $19,296 Download
2021 Hawaii 1,455,273 1,252,450 86.1% $85,547 $3,997,605,000 $2,747 124.4% $6,516,876,000 $4,478 $7,814,788,000 $5,370 $19,359,781,000 $13,303 $32,322,093,000 $22,210 $−5,623,789,000 $−3,864 $17,733,597,000 $12,186 $25,972,001,000 $17,847 Download
2020 Hawaii 1,455,273 1,252,450 86.1% $85,547 $2,708,675,000 $1,861 121.6% $6,977,722,000 $4,795 $7,226,416,000 $4,966 $15,459,241,000 $10,623 $28,421,578,000 $19,530 $−3,659,934,000 $−2,515 $14,507,982,000 $9,969 $23,375,459,000 $16,063 Download
2022 Idaho 1,839,092 1,273,437 69.2% $66,318 $2,313,910,000 $1,258 18.2% $108,492,000 $59 $23,641,000 $13 $12,540,092,000 $6,819 $4,430,518,000 $2,409 $−334,479,000 $−182 $14,519,523,000 $7,895 $24,354,114,000 $13,242 Download
2021 Idaho 1,839,092 1,273,437 69.2% $66,318 $1,949,499,000 $1,060 20.9% $100,958,000 $55 $564,007,000 $307 $12,729,692,000 $6,922 $4,619,378,000 $2,512 $134,820,000 $73 $14,814,011,000 $8,055 $22,044,972,000 $11,987 Download
2020 Idaho 1,839,092 1,273,437 69.2% $66,318 $1,895,009,000 $1,030 20.8% $117,490,000 $64 $301,989,000 $164 $10,795,096,000 $5,870 $4,075,441,000 $2,216 $−806,895,000 $−439 $11,883,210,000 $6,461 $19,585,991,000 $10,650 Download
2022 Illinois 12,812,545 11,137,590 86.9% $72,215 $26,518,751,000 $2,070 325.3% $46,611,408,000 $3,638 $139,846,404,000 $10,915 $104,891,623,000 $8,187 $247,942,779,000 $19,352 $−9,364,752,000 $−731 $122,045,622,000 $9,525 $76,209,709,000 $5,948 Download
2021 Illinois 12,812,545 11,137,590 86.9% $72,215 $22,967,916,000 $1,793 439.4% $56,669,748,000 $4,423 $151,870,659,000 $11,853 $124,485,837,000 $9,716 $270,295,626,000 $21,096 $−27,739,450,000 $−2,165 $119,714,303,000 $9,344 $61,507,898,000 $4,801 Download
2020 Illinois 12,812,545 11,137,590 86.9% $72,215 $25,778,585,000 $2,012 446.0% $58,996,493,000 $4,605 $143,346,569,000 $11,188 $97,869,427,000 $7,639 $263,404,811,000 $20,558 $−32,466,271,000 $−2,534 $91,181,741,000 $7,117 $59,058,929,000 $4,609 Download
2022 Indiana 6,785,668 4,829,686 71.2% $62,723 $7,430,648,000 $1,095 42.1% $60,843,000 $9 $9,730,464,000 $1,434 $46,841,886,000 $6,903 $18,375,927,000 $2,708 $−2,474,175,000 $−365 $51,798,359,000 $7,633 $43,652,718,000 $6,433 Download
2021 Indiana 6,785,668 4,829,686 71.2% $62,723 $6,347,078,000 $935 49.4% $98,219,000 $14 $11,392,203,000 $1,679 $46,967,068,000 $6,922 $18,873,711,000 $2,781 $−1,691,028,000 $−249 $51,623,118,000 $7,608 $38,207,125,000 $5,631 Download
2020 Indiana 6,785,668 4,829,686 71.2% $62,723 $6,709,986,000 $989 56.1% $190,159,000 $28 $11,792,876,000 $1,738 $41,616,996,000 $6,133 $19,776,175,000 $2,914 $−5,790,509,000 $−853 $42,536,473,000 $6,269 $35,264,677,000 $5,197 Download
2022 Iowa 3,190,372 2,014,831 63.2% $65,645 $59,175,000 $19 26.6% $453,731,000 $142 $158,854,000 $50 $27,434,877,000 $8,599 $9,689,205,000 $3,037 $3,535,907,000 $1,108 $31,029,959,000 $9,726 $36,381,382,000 $11,403 Download
2021 Iowa 3,190,372 2,014,831 63.2% $65,645 $26,687,000 $8 29.4% $468,779,000 $147 $1,077,174,000 $338 $27,804,747,000 $8,715 $9,323,755,000 $2,922 $2,327,819,000 $730 $30,159,253,000 $9,453 $31,703,103,000 $9,937 Download
2020 Iowa 3,190,372 2,014,831 63.2% $65,645 $3,087,152,000 $968 32.8% $456,472,000 $143 $1,078,093,000 $338 $25,493,401,000 $7,991 $9,758,958,000 $3,059 $−1,851,413,000 $−580 $26,729,140,000 $8,378 $29,784,820,000 $9,336 Download
2022 Kansas 2,937,847 2,124,059 72.3% $64,128 $3,327,238,000 $1,133 38.5% $51,820,000 $18 $1,688,067,000 $575 $21,094,701,000 $7,180 $10,127,943,000 $3,447 $−776,742,000 $−264 $23,645,197,000 $8,048 $26,284,361,000 $8,947 Download
2021 Kansas 2,937,847 2,124,059 72.3% $64,128 $2,953,827,000 $1,005 44.4% $51,241,000 $17 $2,261,074,000 $770 $20,499,676,000 $6,978 $10,466,817,000 $3,563 $−1,532,278,000 $−522 $21,921,225,000 $7,462 $23,567,266,000 $8,022 Download
2020 Kansas 2,937,847 2,124,059 72.3% $64,128 $2,543,938,000 $866 46.2% $49,824,000 $17 $1,904,166,000 $648 $17,141,566,000 $5,835 $9,981,002,000 $3,397 $−2,083,348,000 $−709 $17,602,156,000 $5,992 $21,604,949,000 $7,354 Download
2022 Kentucky 4,505,893 2,644,856 58.7% $55,532 $3,063,688,000 $680 94.2% $2,761,751,000 $613 $25,034,578,000 $5,556 $32,938,645,000 $7,310 $38,790,928,000 $8,609 $5,143,606,000 $1,142 $41,145,939,000 $9,132 $41,179,616,000 $9,139 Download
2021 Kentucky 4,505,893 2,644,856 58.7% $55,532 $3,523,315,000 $782 110.3% $3,195,447,000 $709 $26,615,447,000 $5,907 $33,360,397,000 $7,404 $41,626,348,000 $9,238 $2,640,705,000 $586 $39,524,417,000 $8,772 $37,741,186,000 $8,376 Download