Thinking of moving to Florida here’s one of many reasons to move to Florida
While some politicians might say otherwise, Florida’s fiscal health, at least in comparison to most other states, is strong, according to a new study.
The report is from the Mercatus Center at George Mason University, which probed cash solvency, long-term spending commitments and a state’s debt, among other metrics. Florida ranked No. 6 nationwide, behind South Dakota, North Dakota, Wyoming, Nebraska and Alaska.
The report, for the first time, according to a statement, included “Puerto Rico to provide a benchmark of poor fiscal performance.” Other poor performers include high-tax stalwarts such as New Jersey, Illinois and Connecticut.
Data for Florida includes:
On a cash basis, it has between 6.53 and 7.52 times the cash needed to cover short-term liabilities;
Revenues exceed expenses by 12%, producing a surplus of $440 per capita;
Net assets are 11% of total assets and long-term liabilities are 34% of total assets;
Total debt is $27.16 billion. There’s $162.54 billion in unfunded pension liabilities on a guaranteed-to-be-paid basis, the report shows, and other post-employment benefits add $15.22 billion in unfunded liabilities. In total, these three liabilities are equal to 24% of total state personal income.