Minnesota Carries $73 Billion in State, Local Liabilities

A Reason Foundation report places Minnesota's per capita government debt below the national average but among the higher-ranking states.

Updated on Nov. 12, 2026 in Government

Flat-color editorial illustration of stacked cylindrical drums beside a simplified domed civic building under a cold clear sky, evoking state fiscal obligations. — Minnesota's state and local governments carry $73 billion in liabilities, or $12,834 per resident, below the $18,346 national average, according to a Reason Foundation report. AI Illustration. Upload story photo >

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The Reason Foundation reported that Minnesota's state and local governments have $73 billion in total liabilities, or $12,834 per resident. That figure sits below the national average of $18,346 per capita, based on fiscal year 2024 data.

Why it matters

The report is intended to encourage state and local governments to manage their debt and long-term obligations. Minnesota's per capita debt ranks 25th nationally, placing the state in the middle tier of the 50 states for debt burden.

Minnesota's per capita liabilities of $12,834 trail the national average of $18,346 for fiscal year 2024, with the state ranked 25th nationally in per capita state debt. The extraction does not indicate how the state plans to address these obligations.

The players

Reason Foundation

The Reason Foundation is a nonprofit think tank based in California that publishes research on public policy, including government finance and fiscal transparency.

The details

The Reason Foundation calculated per capita liabilities by dividing state and local liabilities by population across all 50 states. Minnesota's state spending rose 12% from fiscal year 2023 to fiscal year 2024, while the 50 state governments together reported $2.6 trillion in total debt.

Fiscal year 2024: debt figures measured at the close of the year
Fiscal year 2023 to fiscal year 2024: Minnesota state spending rose 12%
November 12, 2026: Reason Foundation report on Minnesota debt published

Seasonal Patterns

This Reason Foundation ranking places Minnesota among the 50 states compared on a common per capita liabilities basis, allowing readers to see where the state falls relative to high-debt Connecticut and New Jersey and low-debt Idaho. The comparison uses fiscal year 2024 figures from the report.

For Minnesota residents, the per capita liability figure of $12,834 translates to the share of state and local obligations each person carries on paper. The report does not specify whether this will lead to changes in taxes, services, or borrowing.

The takeaway

Per capita debt measures give residents a common yardstick for comparing their state's obligations with others. Checking how state and local liabilities are reported can help readers follow future fiscal debates in Minnesota.