"(The Center Square) — In a report that scored states on their financial condition, Alabama taxpayers would owe $7,000 each if individually paying off the state’s debts.
The state, ranked No. 32 and given a D grade by Truth in Accounting, owes $5.9 billion. The taxpayer burden is between $5,000 and $20,000.
Truth in Accounting says the state has $17.2 billion in assets and cash on hand to pay $27 billion in bills. Those liabilities include $11.3 billion in bond debt, $10.7 billion in unfunded pensions and $2.75 billion in unfunded health care costs for state and local retirees.
Only Mississippi (33rd place, D grade, taxpayer burden of $7,900) was worse than Alabama among its neighbors.
As with many states, Alabama’s pension system is struggling after investment returns in 2022 were down compared to the year before. The three funds’ investments lost an average of 13.67%."
Read the full article on: The Center Square