State CAFR MuniTerminal (Annual Financial Reports)

I linked to state CAFRs (comprehensive annual financial reports) and archives after the jump. When you open the pdf, check out the general fund (and fund transfers), debt service fund, tax base (assessed and taxable property values), general obligation bonds and revenue debt outstanding, and tax ratios. They should show trends as well. States and municipalities use GASB (Government) reporting which looks slightly different than normal. City CAFRs, which I'll provide in another post, are easier to dissect, but riskier credits, since they have "smaller economies, less resources and limited abilities to tax" (Chris Mier of Loop Capital). However, unfunded pension liabilities are running amok at both the state and local level.

From the Milken Institute report Ensuring State and Municipal Solvency:

As the recession drags on, states and municipalities find themselves in a deep hole. For the first time since the Great Depression, income, sales and property taxes have declined in unison. The cyclical challenges are clear: falling tax receipts, high unemployment, tepid investment returns, and overall economic uncertainty.

But even more daunting are the long-term structural issues that are simultaneously coming to a head: trillions of dollars in unfunded pension obligations, the escalating costs of other post-employment benefits (OPEB), record numbers of retirees poised to tap pensions and benefits, increasing longevity, and significant revenue/expenditure mismatches.

I linked to the most recent CAFR and the archive location. Let me know if any links are down. I'll continue to update this list and look out for my post on cities. Meredith Whitney-2, George Soros and Jim Chanos all said to keep an eye on States and munis in 2011.

Distressed Volatility MuniTerminal

Arizona - CAFR FY June 30, 2009 | Archive | Annual Report FY June 30, 2010
California - CAFR FY June 30, 2009 | Archive
Connecticut - CAFR FY June 30, 2010 | Archive
Hawaii - CAFR FY June 30, 2009 | Archive
Illinois - CAFR FY June 30, 2009 | Archive | *Comptroller's Quarterly
Florida - CAFR FY June 30, 2009 | Archive
Kentucky - CAFR FY June 30, 2010 | Archive
Louisiana - CAFR FY June 30, 2010 | Archive
Massachusetts - CAFR FY June 30, 2010 | Archive
Maine - CAFR FY June 30, 2010 | Archive
Michigan - CAFR FY September 30, 2009 | Archive | Unaudited FY 2010
Mississippi - CAFR FY June 30, 2010 | Archive
New Hampshire - CAFR FY June 30, 2010 | Archive
New Jersey - CAFR FY June 30, 2010 | Archive
New Mexico - CAFR FY June 30, 2009 | Archive
New York - CAFR FY March 31, 2010 | Archive
North Carolina - CAFR FY June 30, 2010 | Archive
Nevada - CAFR FY June 30, 2010 | Archive
Ohio - CAFR FY June 30, 2010 | Archive
Oregon - CAFR FY June 30, 2010 | Archive
Pennsylvania - CAFR FY June 30, 2010 | Archive
Rhode Island - CAFR FY June 30, 2010 | Archive
Texas - CAFR FY August 31, 2009 | Archive
Washington - CAFR FY June 30, 2010 | Archive
West Virginia - CAFR FY June 30, 2009 | Archive
Wisconsin - CAFR FY June 30, 2010 | Archive

NEWS:

*Downgrades loom for US states (Fitch to calculate pension liabilities in ratings) (Financial Times)

*Moody’s to Factor Pension Gaps in States’ Ratings (and cities?) (NYT)