Dave's Place

 


Pennsylvania State & Local Government Debt

Commonwealth Foundation[1] states the following:
Pennsylvanians owe $121 billion in state and local government debt.  This equates to more than $9,400 for every person, and almost $38,000 for the average family of four in the commonwealth—an increase of $10,300 since 2002.
The total represents debt in the form of government bonds, but excludes unfunded pension and healthcare liabilities for government workers, borrowing for unemployment compensation, and short-term tax anticipation notes, which add tens of billions more in obligations for Pennsylvania taxpayers.
Pennsylvania State & Local Government Debt
Debtor Debt Outstanding Per Person
Total State $45,020,310,000 $3,533
   State $10,356,710,000 $813
   State Agencies & Authorities $34,663,600,000 $2,720
Total Local $75,759,706,000 $5,945
   School Districts $26,618,928,378 $2,089
   County/Municipal/Twp/Other $49,140,777,622 $3,856
Total  $120,780,016,000 $9,478
Sources: Governor's Executive Budget (http://www.budget.state.pa.us) December 2011 data; PA Dept of Education (http://www.pde.state.pa.us) June 2010 data; U.S. Census Bureau (http://www.census.gov/govs/www/estimate.html) 2009 data
State Debt
Since 2002, total outstanding state general obligation debt increased 54%, from $6.8 billion to $10.3 billion.
Annual debt payments on general obligation bonds increased from $349 million in FY 2002-03 to $1.1 billion in the proposed FY 2012-13 budget, an increase of 198% in annual debt payments in nine years.
 
State Agencies' & Authorities' Debt
More than three-fourths of Pennsylvania's state-level borrowing is done by off-budget state agencies and authorities, like the Turnpike Commission and the Commonwealth Financing Authority, which issue their own debt to the extent authorized by the legislature.
Debt held by state agencies and authorities increased from $16.8 billion in 2002 to nearly$34.7 billion in 2011—an increase of 106%.
Total Pennsylvania state and state agencies' and authorities' debt increased from $23.7 billion to more than $45 billion in the last nine years—representing a total state-level increase of 90%.
Pennsylvania State, State Agencies' & Authorities' Debt
Debtor Debt Outstanding 2002 Debt Outstanding 2011 Increase Change
State $6,805,184,000 $10,356,710,000 $3,551,526,000 52%
State Agencies & Authorities $16,848,800,000 $34,663,600,000 $17,814,800,000 106%
Total State $23,653,984,000 $45,020,310,000 $21,366,326,000 90%
Sources: Governor's Executive Budget (http://www.budget.state.pa.us) December 2011 data
School District Debt
Pennsylvania taxpayers are also experiencing an increase in debt at the school district level. 
  • According to the Pennsylvania Department of Education, school district debt increased from $19.4 billion in 2002 to $26.6 billion in 2010—an increase of 38%.
County, Municipal, Township, & Special District Debt
Other local government debt—debt held by counties, cities, townships, boroughs, and special districts—represents more than 40% of all taxpayer debt in the Commonwealth.
  • According to the U.S. Census Bureau's most recent data (2009), county, municipal, township, and special district debt increased from $45 billion in 2002 to $49 billion in 2009—an increase of 9%.
Pennsylvania School District, County, Municipal, Township, Special District Debt
Debtor Debt Outstanding 2002 Debt Outstanding 2010 Increase Change
School Districts $19,351,014,152 $26,618,928,378 $7,267,914,226 38%
County/Municipal/Twp/Other $44,943,251,000 $49,140,777,622 $4,197,526,622 9%
Total Local $64,294,265,152 $75,759,706,000 $11,465,440,848 18%
Sources: PA Dept of Education (http://www.pde.state.pa.us) June 2010 data; U.S. Census Bureau (http://www.census.gov/govs/www/estimate.html) 2009 data
For more information check these sources:
Sources: Governor's Executive Budget (http://www.budget.state.pa.us) December 2011 data; PA Dept of Education (http://www.pde.state.pa.us) June 2010 data; U.S. Census Bureau (http://www.census.gov/govs/www/estimate.html) 2009 data

(ONE OTHER DEBT WE HAVE: We owe Representative Rick Geist a debt of gratitude for helping us get into all this debt.  db)


Tags :  
Topics : Business_FinanceSocial Issues
Social :
Locations : PennsylvaniaTownship
People : BudgetRick Geist




 
03/22/2012 8:59AM
Pennsylvania State & Local Government Debt
Please Enter Your Comments Below
Title :
Comment :
Recent Posts
Categories
Archives
 
The 11th Hour - Guests & Topics - Sept 1st-5th 2014
Monday Sept 1st Labor Day Specials Remember to Fly the Flag! Tuesday Sept 2nd David Ickes Wednesday Sept 3rd Barry Ickes Thursday Sept 4th Adam Conrad - Real Estate Thursday Perry Wellington Realty Friday Sept 5th
Dial N Deal - August 29th 2014
Nintendo Wii Game System original box in excellent condition, includes Wii console, console stand, 2 controllers, 2 motion plus adapters with protective jackets, 2 nunchucks, charging dock (holds 2 controllers), 2 rechargeable battery packs, 2 extra...
Read More
The 11th Hour - Guests & Topics August 25th-29th 2014
Monday August 25th James B. Huntington, PH.D Choosing a Lasting Career The Job-by-Job Outlook for Work's New Age Work's New Age Blog Tuesday August 26th David Ickes Wednesday August 27th including The Blair County Antique...
Read More