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.

As of now, the following states have not released their financial reports for fiscal year end (FYE) 6/30/24:

• Arizona
• California
• Idaho
• Illinois
• Mississippi
• Nevada
• Oklahoma

To make matters worse, Illinois and Nevada have not even issued their reports for the previous fiscal year (FYE 6/30/23)—meaning they are over a year behind in providing audited financial information to taxpayers, policymakers, and the public.

What If a Corporation Did This?

Imagine if a publicly traded corporation failed to issue its audited financial report on time—not just once, but for two consecutive years. That company would likely face serious consequences, including:

• Investor backlash and plummeting stock value

• Regulatory penalties from the SEC

• Loss of public trust and credibility

• In extreme cases, delisting from stock exchanges

Yet, states, despite managing billions of taxpayer dollars, face no similar accountability for delayed or missing reports. This lack of transparency makes it difficult for citizens, journalists, and legislators to understand the true financial condition of their state governments.

At Truth in Accounting, we believe that timely, accurate financial reporting is not optional; it’s essential for a functioning democracy.