Louisiana did not have enough money to pay all of its bills in fiscal year 2020 despite ample federal funding, The Center Square reports.
The result is $18,700 owed per Louisiana taxpayer, according to Chicago-based fiscal watchdog Truth in Accounting, which analyzes government reports.
The organization’s latest Financial State of the States assessment uses each state’s required annual comprehensive financial report and retirement plan report to determine its overall fiscal condition. Louisiana ranked 40th out of 50 states, earning a grade of D in the report.
Most of Louisiana’s financial problems stem from unfunded retirement obligations that have been accumulating, the report states. Read the full story from The Center Square.