West Virginia state debt, 2004-2017

in  West Virginia

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West Virginia debt

Financial figures
Total state debt:
$7,123,763,000
Per capita debt:
$3,869

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State budget and finance pages • Total state expenditures • State debt • Tax policy in West Virginia

State debt refers to any debt owned by a state government. Debt may include any financial obligations a state has that have not been paid, such as bonds issued by state governments, money borrowed by a state government that has not been repaid, or post-retirement benefits promised to state employees. According to the U.S. Census Bureau, West Virginia had a debt of $7,123,763,000 in fiscal year 2015. The state debt per capita was $3,869. This ranked West Virginia 35th among the states in debt and 15th in per capita debt. The total state debt owned by the 50 states was $1.15 trillion with a per capita debt of $3,582.[1]

It is important to note that the below figures reflect various sources with different methodologies. The U.S. Census Bureau figures do not include any debt owed by local governments in the states, debt owed by the federal government, promised pension payments that have yet to be funded, or unemployment trust fund loans. Information on debt per capita was not directly available from the U.S. Census Bureau, and was calculated using the census figures for state debt and population. State debt figures from the State Budget Solutions report below were calculated using data from the states' 2012 comprehensive annual financial reports. To access the complete SBS report, including methodology details, click here.[2][3]

## Contents

* 1 State debt
* 1.1 U.S. Census Bureau
* 1.2 State Budget Solutions 2014 report
* 2 Public pensions
* 3 Credit ratings
* 4 Studies
* 4.1 Truth in Accounting 2017 report
* 5 Recent news
* 6 See also
* 7 Footnotes

## State debt[edit]

The tables below detail the debt figures in West Virginia compared to those of neighboring states.

### U.S. Census Bureau[edit]

Total fiscal year 2015 state debt, U.S. Census Bureau

State  | Total state debt  | State debt per capita  | State debt ranking  | Per capita debt ranking
West Virginia | $7,123,763,000 | $3,869 | 35 | 15
Kentucky | $13,784,882,000 | $3,116 | 24 | 28
Tennessee | $6,025,074,000 | $914 | 38 | 50
Virginia | $28,231,613,000 | $3,374 | 13 | 22
United States total | $1,149,926,081,000 | $3,582 | N/A | N/A
Sources: United States Census Bureau, "State Government Finances," accessed June 4, 2017

### State Budget Solutions 2014 report[edit]

Total 2012 state debt

State  | Total state debt  | State debt per capita  | Per capita debt ranking
West Virginia | $24,972,461,000 | $13,459 | 29
Kentucky | $86,245,730,000 | $19,689 | 11
North Carolina | $107,580,297,000 | $11,032 | 42
Tennessee | $41,049,738,000 | $6,358 | 50
Virginia | $91,339,102,000 | $11,158 | 41
Sources: State Budget Solutions, "State Budget Solutions' Fourth Annual State Debt Report," January 8, 2014

## Public pensions[edit]

See also: West Virginia public pensions

The U.S. Census Bureau does not include unfunded pension liabilities in its debt calculations. Others, including State Budget Solutions, do take these figures into account. Between fiscal years 2012 and 2014, the funded ratio of West Virginia's state-administered pension plans increased from 63 percent to 78 percent. For fiscal year 2014 the pension system's liability totaled $17,150 million.[4][5]

## Credit ratings[edit]

See also: State credit ratings

Credit rating agencies, such as Standard and Poor's, assign grades to states that take into account a state's ability to pay debts and the general health of the state's economy. Generally speaking, a higher credit rating indicates lower interest costs on the general obligation bonds states sometimes sell to investors in order to finance large-scale undertakings (e.g., road construction and other public works projects). This in turn results in lower interest costs, thereby lowering the cost to taxpayers. A high state debt may cause credit rating agencies to predict that the state will not be able to pay its debt, and so cause them to downgrade a state's credit rating.[6][7]

The table below lists the Standard and Poor's credit ratings for West Virginia and surrounding states from 2004 to 2017. Standard and Poor's grades range from AAA, the highest available, to BBB-, the lowest.[8]

State credit ratings, 2004 to 2017

State  | 2017  | 2016  | 2015  | 2014  | 2013  | 2012  | 2011  | 2010  | 2009  | 2008  | 2007  | 2006  | 2005  | 2004
West Virginia | AA- | AA- | AA | AA | AA | AA | AA | AA | AA | AA- | AA- | AA- | AA- | AA-
Kentucky | A+ | A+ | A+ | AA- | AA- | AA- | AA- | AA- | AA- | AA- | AA- | AA- | AA- | AA-
Tennessee | AAA | AA | AA+ | AA+ | AA+ | AA+ | AA+ | AA+ | AA+ | AA+ | AA+ | AA+ | AA | AA
Virginia | AAA | AAA | AAA | AAA | AAA | AAA | AAA | AAA | AAA | AAA | AAA | AAA | AAA | AAA
Source: Stateline: The Daily News Service of The Pew Charitable Trusts, "Infographic: S&P State Credit Ratings, 2001-2014," June 9, 2014

## Studies[edit]

### Truth in Accounting 2017 report[edit]

In a report released in September 2017 by the nonprofit Truth in Accounting (TIA), states were ranked by taxpayer burden, a term that reflects "the amount each taxpayer would have to send to their state's treasury in order for the state to be debt-free" as of 2016. West Virginia ranked 36th, with a taxpayer burden of $15,400.[9]

To figure a state’s taxpayer burden or surplus, TIA looked at a state’s total reported assets minus capital assets and assets restricted by law (buildings, roads, land, etc.) to calculate “available assets,” which were then compared to the amount of money the state owes in bills, including retirement obligations such as pension plans and healthcare benefits for retirees. If the difference between available assets and total bills was positive, TIA called this a taxpayer surplus; if it was negative, this was a taxpayer burden. This amount was then divided by the number of individual tax returns with a positive tax liability, thus expressing the total state surplus or burden on a per-taxpayer basis.[10]

The table below lists the taxpayer burder or taxpayer surplus in West Virginia from 2009 to 2016. In the table below, negative figures represent a taxpayer burden, while positive figures represent a taxpayer surplus.[9]

Taxpayer surplus or burden, Truth in Accounting, 2009-2016

Year  | Surplus or burden
2009 | -$18,900
2010 | -$20,500
2011 | -$15,400
2012 | -$18,600
2013 | -$15,500
2014 | -$13,000
2015 | -$13,900
2016 | -$15,400
Source: Truth in Accounting

## Recent news[edit]

The link below is to the most recent stories in a Google news search for the terms West Virginia debt. These results are automatically generated from Google. Ballotpedia does not curate or endorse these articles.

West Virginia state debt, 2004-2017 - Google News

## See also[edit]

* West Virginia state budget and finances
* Tax policy in West Virginia
* West Virginia public pensions
* West Virginia State Senate
* West Virginia House of Representatives
* West Virginia State Legislature
* State debt

## Footnotes[edit]

1. ↑ United States Census Bureau, "State Government Finances," accessed June 4, 2017
2. ↑ State Budget Solutions, "State Budget Solutions' Fourth Annual State Debt Report," January 8, 2014
3. ↑ As of September 2016, State Budget Solutions had been absorbed by the American Legislative Exchange Council.
4. ↑ Morningstar, "The State of State Pension Plans 2013: A Deep Dive Into Shortfalls and Surpluses," accessed September 16, 2013
5. ↑ The Pew Charitable Trusts, “The Fiscal Health of State Pension Plans: Funding Gap Continues to Grow,” accessed April 16, 2015
6. ↑ Stateline: The Daily News Service of The Pew Charitable Trusts, "Infographic: S&P State Credit Ratings, 2001-2012," July 13, 2012
7. ↑ Bankrate, "The 6 states with the worst credit ratings," September 27, 2012
8. ↑ Stateline: The Daily News Service of The Pew Charitable Trusts, "Infographic: S&P State Credit Ratings, 2001-2014," June 9, 2014
9. ↑ 9.0 9.1 Truth in Accounting, "Financial State of the States," September 2017
10. ↑ Truth in Accounting, "Accounting Methodology," accessed October 2, 2017

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