Michigan : State Data and Comparisons : Data-Z

Michigan

TIA Data

2023 Financial State of Michigan (Released 10/03/2024)

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Michigan owes more than it owns.

Michigan has a -$7,600 Taxpayer Burden.™

Michigan is a Sinkhole State without enough assets to cover its debt.

Elected officials have created a Taxpayer Burden™, which is each taxpayer's share of state bills after its available assets have been tapped.

TIA's Taxpayer Burden™ measurement incorporates both assets and liabilities, not just pension debt.

Michigan only has $46.9 billion of assets available to pay bills totaling $75.1 billion.

Because Michigan doesn't have enough money to pay its bills, it has a -$28.2 billion financial hole. To fill it, each Michigan taxpayer would have to send -$7,600 to the state.

Michigan's reported net position is understated by $417 million, largely because the state delays recognizing gains resulting from decreases in retirement liabilities.

The state's financial report was released 138 days after its fiscal year end, which is considered timely according to the 180 day standard.

Prior Years' TIA Data

2022 Financial State of Michigan

2021 Financial State of Michigan

2020 Financial State of Michigan

2019 Financial State of Michigan

2018 Financial State of Michigan

2017 Financial State of Michigan

2016 Financial State of Michigan

2015 Financial State of Michigan

2014 Financial State of Michigan

2013 Financial State of Michigan