Truth in Accounting has once again created a transparency score for the financial reporting by state governments to encourage the publication of transparent and accurate government financial information.
Now Available
Our annual report on state fiscal health. Debt among the states improved slightly. Going from $1.2 trillion down to $938.6 billion.
What happened?
How did your state do? Read the full report below.
https://www.truthinaccounting.org/news/detail/financial-state-of-the-states-2023
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Every year, for the past fourteen years, Truth in Accounting has released its Financial State of the States report which examines the financial status of the fifty states. This year our report was released on October 11, 2023. One of the data sets we reviewed is the auditors’ reports. Did the state receive an unmodified report for their Annual Comprehensive Financial Report? Last year I wrote an article for Accounting Today explaining which states did not meet auditing standards for 2021. This is a follow-up to that article.
This year's report found that 31 states did not have enough money to pay all of their bills.
PRESS RELEASE - FOR IMMEDIATE RELEASE
Truth in Accounting's twelfth annual Financial State of the States report, a nationwide analysis of the most recent state government financial information.
By J.D. Tuccille, includes “…Undoubtedly, many families will return to public schools after the virus is gone, but others will stick with alternatives they learned to trust when government offerings failed.”
By Scott Rasmussen, includes “… On a percentage basis, the biggest increases were found in Idaho, Arizona, Nevada, and Utah.”
The 2020 Financial State of the States report surveys the fiscal health of the 50 states prior to the coronavirus pandemic. This data is released today by Truth in Accounting (TIA), a think tank that analyzes government financial reporting.
Right now, there is a push from the mayor’s Economic Stabilization Task Force to increase the City and Borough of Juneau bond debt to help the economy during this time of economic crisis. Increasing our debt is exactly the opposite of what should be done.
Each year, Truth in Accounting releases the Financial Transparency Score Report, which focuses on transparency in the budgets of state governments.
How large could the shortfall in state government general revenues be, amidst the coronavirus and related crises?
New state taxes are on table for discussion next spring as the Legislature and Gov. Mike Dunleavy figure out how to deal with a projected $1.5 billion deficit for state Fiscal Year 2021, the budget year that begins next July 1. The Legislature and the governor must approve the budget, including how to cover the funding gap, before June 30.
Gov. Michael Dunleavy eliminated 40 percent of the University of Alaska system's state funding. Lawmakers failed to override his budget vetoes.
“Conservatives who want to shrink government are despairing over the debt-fueled Washington spend-fest. They tend to blame out-of-touch leadership for the failure to cut spending, but public opinion is likely the real culprit. Turn north and look at the ongoing budget fight in Alaska to see why. … So Dunleavy’s budget is forcing Alaskans to decide how much government they want and how much they are willing to pay for it. That’s precisely the debate small- government conservatives have wanted to force for decades.”
See the financial condition of Alaska, Connecticut, Delaware, Iowa, Illinois, North Dakota, Utah, Washington and West Virginia.
The Legislature has passed a measure, Senate Bill 97, to lower the amount of bonds the state could sell to reduce this unfunded pension liability.
Some state senators are expressing concern about the projected shortfall in funding Alaska's public employee pensions.
Forty-one U.S. states do not have enough money to pay their bills, collectively they have racked up $1.5 trillion in unfunded liabilities.