Baltimore’s finances are in a bad way. Despite assurances from the mayor that the city’s $4.1 billion budget for fiscal year 2025 is balanced, this misleading message masks a dismal reality. As fiscal watchdog Truth in Accounting notes in its 2024 “Financial State of the Cities” report, “Baltimore would need $14,100 from each of its taxpayers to pay all of its outstanding bills”

Trending now nonprofit group "Truth in Accounting" recently ranked the financial health of all 50 states and in that report Maryland received a "D" grade.

KMOV ran a piece the other day reporting that the St. Louis comptroller claims the city has a $42.2 million surplus.

I’m skeptical, and you should be too.

Why didn’t Maine get a better grade in this report?
 
They got a C because it would take $2,300 from every taxpayer for the state to pay off all its bills.
 
If the state used every penny it has available right now to pay its current bills, it would still be short by $1.3 billion.

There they go again.

The carnival barkers are on the attack, sharing more bad financial news about Illinois than some people want the public to know.

In its latest report on the financial health of the 50 states, Truth-in-Accounting, the Chicago-based financial watchdog group, ranks Illinois near the very bottom — No. 48.

Georgia has $8.8 billion to pay its bills, with a surplus of $2,400 per taxpayer, according to Truth in Accounting's Financial State of the States report.

As of August 31 2024, Illinois had not released its fiscal year 2023 annual financial report. Based upon the state’s last audited financial report for the fiscal year 2022, it had a Taxpayer Burden of $37,000, earning it an “F” grade from Truth in Accounting. At that time, Illinois needed $175.4 billion to pay its bills. Unfunded pensions and other employee retirement obligations continued to plague the state in 2022, and we expect the same occurred in 2023.

There are two ways California could use some truth in accounting. First, with the extraordinary level of waste, fraud and abuse in this state, it is indisputable we need more fiscal discipline and oversight.  Second, and in furtherance of the first, Truth in Accounting (TIA) is a highly reputable think tank that analyzes government financial reports. Its conclusions about California are disturbing to say the least. 

Truth in Accounting (TIA) released its 15th annual Financial State Of The States Report for 2024. This is the third report TIA has done in conjunction with the University of Denver's School of Accountancy.

Our fifteenth annual Financial State of the States (FSOS) report provides a comprehensive analysis of the fiscal health of all 50 states.