(The Center Square) – Oklahoma is among the top ten best states financially, according to an analysis by think tank Truth in Accounting.
The state had an estimated $5.7 billion left over after paying all its bills, according to the report, which analyzes the fiscal health of all 50 states.
Oklahoma is one of 22 states with a taxpayer surplus of $5,200 per taxpayer. A taxpayer surplus is defined as “the amount of money left over after all of a state’s bills are paid, divided by the estimated number of taxpayers in the state.”
The state released its annual financial report late. A report is timely if it is released within 180 days after the end of a fiscal year, according to the Government Finance Officers Association.
Oklahoma took 426 days to release its financial report. Due to this delay, data from fiscal year 2021 was used for Oklahoma in Truth in Accounting’s analysis.
Oklahoma had $17.6 billion available in fiscal year 2021 to pay $11.9 billion worth of bills, leaving the state with over $5 billion surplus. The state was among 18 that received a “B” grade, which is given to any government with a taxpayer surplus between $1 and $9,999, according to the report.
Only four states received an “A” – Alaska, North Dakota, Wyoming, and Utah.
The state with the highest taxpayer surplus was Alaska, with $80,000 per taxpayer, the report said. New Jersey was the worst-performing state, with a taxpayer burden of $53,600.
State governments must disclose most retirement liabilities, including unfunded pension and post-employment benefits. The majority of state debt comes from retirement plans, the report found.
Total unfunded pension liabilities in the U.S. exceeded $780 billion in fiscal year 2022. With a lack of updated data for 2022 at the time of the report, it’s unclear where Oklahoma stands on this issue.
“The information for many states that have produced their 2022 financial reports revealed that the large unrealized gains of 2021 turned into losses in 2022. When newer data is available, the state’s amount of unfunded pension promises could increase significantly,” the report said.
Debt among the 50 states was $938.6 billion, the report said, an improvement from the combined $1.2 trillion debt states had collectively at the end of fiscal year 2021. Despite the progress, 28 states did not have enough money to cover their bills, according to the report.
Other states in the top ten were Tennessee, Nebraska, Idaho, Oregon, and South Dakota. Those determined to be in the worst financial position were Hawaii, Massachusetts, Illinois, Connecticut, and New Jersey.
This article First appeared in the center square