NEW ORLEANS, La. - The Institute for Truth in Accounting has released a damning "Financial State of the State" report on Louisiana's "antiquated" accounting methods and "precarious" fiscal status. Despite a balanced budget requirement, each Louisiana taxpayer shoulders a financial burden of $19,800, as of mid-2010, their share of $24.7 billion.

IFTA members investigated the state employees retirement system, in addition to Louisiana's 2010 audited financial report, and found $16.9 billion in off-balance sheet liabilities.

These liabilities, in the form of retirement benefits, almost double the reported level of $22.4 billion to $39.4 billion. For every dollar of benefits promised, they assert, state officials have set aside 36 cents – $10.6 billion when $30.1 billion was necessary.

Filed Under : Pensions, Budget Processes