Report: Georgia's financial picture improves

(The Center Square) – Georgia has $8.8 billion to pay its bills, with a surplus of $2,400 per taxpayer, according to Truth in Accounting's Financial State of the States report.

The state had $53.7 billion available to pay $44.9 billion worth of bills in 2023, according to the report. Its financial picture improved because its revenues surpassed expenses.

"This increase in revenue was bolstered by higher federal education grants and investment income," the report said. "Its net pension liabilities decreased because of improved investment returns, while the estimated amount of unfunded retiree health care benefits decreased as a result of revised assumptions."

Georgia has $11 billion in unfunded pension benefits and $3.1 billion in unfunded retiree health care benefits, according to the report .

“Most states’ financial conditions improved in fiscal year 2023,” says Sheila Weinberg, founder and CEO of Truth in Accounting. “But the states should focus on bolstering their retirement systems so they can weather market downturns and other economic uncertainties in the future.”

Georgia ranked 19th out of the 50 states and was given a "B" by the organization. States given a "B" have a taxpayer surplus between $1 and $9,999.

The 50 states collectively have $2.9 trillion in debt and assets of $2.1 trillion, according to the organization.

"This debt includes $840 billion in pension liabilities and $492 billion in other postemployment benefits, primarily for retiree health care costs," according to a release from Truth in Accounting.

North Dakota ranked first in the report with a per taxpayer surplus of $55,600, followed by Alaska with $55,100. Connecticut was the lowest-ranked state with a per taxpayer burden of $44,400. New Jersey was the second-lowest ranked state with a $42,500 per taxpayer burden.