"(The Center Square) — Taxpayers would owe $7,900 if Mississippi's debts were paid in full at once, says a report scoring states on their financial conditions.
Truth in Accounting says the state owes $5.9 billion. It ranked the state No. 33 nationally gave a D grade for having a taxpayer burden between $5,000 and $20,000.
On the balance sheet, says Truth in Accounting, $17.2 billion in bills and $11.4 billion in assets and cash. Debt listings are $6 billion in bonds, $6.8 billion in unfunded pension, and $197.8 million in unfunded health care costs for state and local retirees.
Regionally, Mississippi is substantially worse than all but one of its neighbors. Arkansas taxpayers have a surplus of $500 for a B grade. Tennessee (fifth place, B grade, taxpayer surplus of $9,500) and Alabama (32nd, D grade, $7,000 individual taxpayer burden) also performed better. Louisiana was 43rd with a D grade and a taxpayer burden of $18,900.
One issue brought up by the report was the investment performance of the state’s defined benefit pension fund, known as the Public Employees' Retirement System of Mississippi. After the plan’s investments earned a 32% rate of return in 2021, they lost 8.5% of their value in 2022.
The governing board for the system voted in May to increase the taxpayer contribution from 17.4% to 22.4% of payroll will be phased in over three years. Lawmakers must approve the increase, requiring larger contributions from municipalities and counties, forcing them to cut services or raise taxes."
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