The state has largely foregone infrastructure maintenance over the last half-decade, and as a result, California now requires an estimated $64.6 billion in maintenance costs to restore the quality of its infrastructure. Officially, the state’s unfunded public pension and retiree healthcare liabilities total $218.6 billion. Additionally, the state’s outstanding general obligation bonds ($81.1 billion), unissued bonds ($30 billion) and lease revenue bonds ($11.3 billion) total $122.4 billion.

Finally, California borrowed $10 billion from the federal government to fund the state’s unemployment insurance fund. Of that $10 billion, the state currently owes the federal government an outstanding $8.8 billion.