UNFUNDED STATE AND LOCAL GOVERNMENT RETIREMENT OBLIGATIONS. If this analysis ended here, the total long-term debt owed by California’s state and local government entities would total $383.0 billion (including $27.8 billion in state budgetary borrowings which is arguably short-term debt). Source: http://californiapolicycenter.org/calculating-californias-total-state-and-local-government-debt. And yet the state is spending an additional $68 billion with money we do not have on a train and we can not even keep the current roads repaired without additional taxes! REALLY?