New research shows the devastating impact of inflation on the dollar across three generations.

SEPTEMBER 5, 2025 | by Sheila Weinberg

As the national debate intensifies over the solvency of Social Security, Truth in Accounting (TIA) is urging policymakers and the public to look deeper: beyond “trust fund” projections and into the silent erosion of benefits through inflation.

Nevada Still Extremely Late on 2023 Financial Report Amid Statewide Cyber Outage

AUGUST 28, 2025

Nevada has become the last state in the nation to release its annual financial report for fiscal year 2023, which ended more than 780 days ago. While Illinois finally published its overdue report earlier this month, Nevada continues to lag, as we are missing two years of data.

To make matters worse, Nevada’s state websites and phone systems have been down for several days due to a widespread cyberattack. This outage has blocked public access to crucial government services. It also makes it impossible for our researchers to verify the state’s financial position in the lead-up to the release of our Financial State of the States report. 

Illinois Sets a New National Record: 774 Days Late with Financial Reporting

AUGUST 21, 2025

Illinois has finally released its audited Annual Comprehensive Financial Report (ACFR).

The bad news:  It’s for the fiscal year that ended June 30, 2023.

According to the Government Finance Officers Association (GFOA), states should release these reports within 180 days of the fiscal year’s end. Illinois blew past that deadline—releasing its 2023 report a staggering 774 days late, setting a new national record.
 

Illinois' Chronic Tardiness

AUGUST 8, 2025

Illinois’ chronic delay in publishing its annual financial reports is more than just a bureaucratic hiccup. It’s a breakdown in fiscal accountability. The state’s fiscal year 2023 ended over two years ago, and yet that report has never been released. Fiscal year 2024’s report isn’t available either. In the corporate world, “timely” generally means publishing audited financial statements within 90 days. The Government Finance Officers Association (GFOA) standard for governments is more lenient—180 days—but Illinois has blown far past even that generous benchmark. This level of delay would be unacceptable in nearly any other context where stakeholders rely on financial transparency.

Where, Oh Where Are the State Financial Reports?

JULY 31, 2025 | by Sheila Weinberg

At Truth in Accounting, we are wrapping up our annual Financial State of the States report—an in-depth look at each state’s financial condition based on their audited financial statements. This year, as in years past, we are relying on each state’s 2024 Annual Comprehensive Financial Report (ACFR).

But here’s the problem: several states have yet to issue their ACFRs, and time is running out.

Illinois comptroller ‘frustrated’ with late annual audits, says FY25 will be quicker

JULY 21, 2025 | THE CENTER SQUARE | by Greg Bishop

Illinois taxpayers still don’t have audited financials from fiscal year 2023, but the state’s comptroller says they’re working to speed annual reports up.

Truth In Accounting founder Sheila Weinberg said Illinois continues to be among the states with tardy financial reporting.

Coming in last place ... the state of Illinois

JULY 21, 2025 | THE NEWS-GAZETTE | by Jim Dey

Truth-in-Accounting, a Chicago-based fiscal watchdog, has issued another in its series of reports on transparency in the states’ financial reporting.

Illinois, unfortunately, finished 50th in the ranking of all 50 states.

Property tax-cut push creates double bind for Deegan

JULY 20, 2025 | JACKSONVILLE TODAY | by A.G. Gancarski

Meanwhile, a big-picture view of local finances, via the watchdogs at Truth in Accounting, suggests that the city council is as complicit as the mayor in not reining in big spending at the expense of the future. 

Earlier this year, the group reported a per capita debt of nearly $10,000 for every person in the city, which puts Jacksonville 60th out of 75 cities ranked. 

California lags in financial transparency

JULY 19, 2025 | THE ORANGE COUNTY REGISTER | by Jon Coupal

California’s inability to provide timely financial data is legendary. As TIA’s earlier report noted, as of August 31, 2024, California had not released its fiscal year 2023 annual financial report, making it the fifth year in a row California has been late submitting critical information. 

KC suburbs report card: Are these cities’ finances built for tomorrow?

JULY 17, 2025 | THE KANSAS CITY STAR | by Patrick Tuohey

Suburban life promises predictability: safe streets, good schools and reliable trash pickup. For many, especially in Kansas City’s orbit, it’s a preferred alternative to the aging infrastructure and financial shortfalls common in urban cores. But as these suburbs grow, they inherit similar challenges — just on a delay. Their balance sheets today play a large part in their potential and possibilities tomorrow.

 

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