Loading
While some politicians might say otherwise, Florida's fiscal health, at least in comparison to most other states, is strong, according to a new study.
The report is from the Mercatus Center at George Mason University, which probed cash solvency, long-term spending commitments and a state's debt, among other metrics. Florida ranked No. 6 nationwide, behind South Dakota, North Dakota, Wyoming, Nebraska and Alaska.
The report, for the first time, according to a statement, included “Puerto Rico to provide a benchmark of poor fiscal performance.” Other poor performers include high-tax stalwarts such as New Jersey, Illinois and Connecticut.
Data for Florida includes:
On a cash basis, it has between 6.53 and 7.52 times the cash needed to cover short-term liabilities;
Revenues exceed expenses by 12%, producing a surplus of $440 per capita;
Net assets are 11% of total assets and long-term liabilities are 34% of total assets;
Total debt is $27.16 billion. There's $162.54 billion in unfunded pension liabilities on a guaranteed-to-be-paid basis, the report shows, and other post-employment benefits add $15.22 billion in unfunded liabilities. In total, these three liabilities are equal to 24% of total state personal income.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
