Your Wallets Are Safer – But For How Long?

By Kim Smith

According to one of the more interesting sites,
www.truthinaccounting.org, Virginians are a little better off
financially than we were last year.  Apparently, our fiscal picture this
year over last has improved by 34% according to analysis of the latest
available audited financial reports from Virginia.  This earned us a
whopping grade of "C"*.  And we only owe $1,200 per taxpayer!

As we go into an election the outcome of which could mean enormously
higher taxes (carbon tax credit, Virginia version of the Green New Deal)
and possibly fewer job opportunities (if the Dems take control and
eliminate our status as a Right to Work state and add innumerable
regulations to our lives), we probably should understand  where we are
in the money  department right now.

Why do we taxpayers each owe $1200.00?  The answer is that the Virginia
government hasn't paid enough into the employee retirement account – to
the tune of $6,402,544,000.00 – or into the retiree health care benefits
accounts – adding an additional $2,787,528,000.00.  That's a $9 billion,
oops, from what was supposed to be a balanced budget.

Looking more closely, this is what the Commonwealth's status is:

The Commonwealth's Bills Exceed Its Assets
Total Assets $113,256,206,000
Minus: Capital assets -$54,589,980,000
Restricted assets -$18,912,950,000
Assets available to pay bills $39,753,276,000
Minus: Total bills -$43,303,260,000
Money available (needed) to pay future bills      - $3,549,984,000
Each taxpayer's share of this debt      -$1,200
Bills the Commonwealth Has Accumulated
Bonds $28,721,441,000
Other liabilities $22,853,083,000
Minus: Debt related to capital assets -$17,461,336,000
Unfunded pension benefits $6,402,544,000
Unfunded retiree health care benefits $2,787,528,000
TOTAL BILLS $43,303,260,000

[Listing taken directly from Truth In Accounting]

The goal  of Truth in  Accounting (a 501(c)(3) is educating and
empowering  citizens with  understandable, reliable  and transparent
government  financial  information.
There is nothing free (other than what's guaranteed up to this point in
our Constitution).  You, the taxpayer, will pay for it. Vote wisely and
well up to November 5th, Election Day!

*C is the grade given to any government with a taxpayer burden between
$0 and $4900.